Online insurance platform Lemonade is launching its services into Europe, marking its first ‘major market’ outside of the US.
The company has decided to move into Europe due to its presence in the insurance market and players like AXA and Allianz. Its decision was also backed by the tech ecosystem of Europe, the company said.
New York-based Lemonade is an online insurance platform which implements an AI bot to help consumers find the best cover. The platform provides renters and home insurance.
The platform works by taking a monthly flat fee which will cover everything, any claims are paid quickly, and if there is anything left over in the pot, it is donated to causes and charities chosen by the policyholder.
In a blog post, Lemonade CEO Daniel Schreiber said, “Bottom line is, for a whole bunch of reasons, we’re ecstatic to come to Europe, look forward to engaging consumers across its countries and languages, and can’t wait to work with European non-profits for the next Lemonade Giveback.”
Last year, the company pulled in $120m through its Series C round which was led by SoftBank Group. The company also closed an undisclosed funding round from global insurance firm Allianz. Lemonade raised the capital to bolster its global expansion efforts and plans for 2018.
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