Digital insurance company Lemonade closed off 2020 by reaching the one million customer milestone.
The InsurTech, which went public last year, reached the one million customer mark after 1,500 days from its original launch. It claims this is 15-45 years faster than industry leaders such as State Farm, Allstate, GEICO, and USAA.
Lemonade co-founder and COO Shai Wininger said, “We’re proud to hit the one million customer mark so early in the life of the company.
“With every new customer, our system grows smarter, our underwriting gets better, and our prices become more accurate and fair. At Lemonade, one million customers translates into billions of data points, which feed our AI at an ever-growing speed. Quantity generates quality.â€
The InsurTech operates in the majority of the US and in three European countries, providing consumers with access to homeowners, renters and pet health insurance.
Last year, the company held its initial public offering and hit a $3bn market cap in its first day of trading.
The InsurTech is reportedly working with Japanese insurer Tokio Marine to create a range of new products and services which meet the changing expectations of customers.
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