Technology for Insurance
US-based AssurTech Lemonade continues to diversify its offering by preparing a new car insurance offering called Lemonade Car. Originally, Lemonade focused exclusively on home insurance, with the ambition of offering an alternative offering based on artificial intelligence technologies. It then expanded into pet insurance to meet the needs of a large part of its customer base. Today, Lemonade wants to consolidate a still shaky model by entering a high-potential market: car insurance. The US auto insurance industry is estimated to be worth around USD 300 billion, or 70 times the size of the pet and rental insurance market. A large majority of Lemonade’s current customers are car owners. And this business spends around $1 billion on auto insurance annually. Lemonade’s ambition is clearly to increase the average premium per customer.