An insurance company powered by artificial intelligence and behavioural economics has announced it has filed for a license in 46 states and the District of Columbia in a bid to make its products and services available to 97% of the US population in 2017.

In a statement, Lemonade said it made nationwide expansion a top priority after receiving tens of thousands of applications from around the country since its September debut in New York. The insurance disruptor plans to file for licenses in the three remaining states − Mississippi, Washington, and Wyoming − once it has met their strict statutory waiting times.

Shai Wininger, Lemonade president and co-founder, said the company is able to expand rapidly because it employs bots and not brokers.

“The cloud is accessible from anywhere, our datasets are nationwide, and our network of contractors span all 50 states.  The reception in New York has been remarkable, and we can’t wait to be live across the nation.”  

Peter Diamandis, founder and executive chairman of XPRIZE, commented on Lemonade’s fast growth: “Lemonade went from standstill to launch in 15 months, and that included building the entire technology stack, reinsurance program, and professional team from scratch. That’s unheard of.”  

“Lemonade is now on course to grow its footprint more than 40 times during its second 15 month period,” he added. “That’s what happens when you move insurance from an infrastructure reliant on people and paperwork to one built on bots and apps. Buckle up, insurance just went exponential.” 


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