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US insurtech Lemonade arrives in Europe

US insurtech Lemonade arrives in Europe | Insurance Business

US insurtech Lemonade arrives in Europe

We’ve been told it’s coming. Now Lemonade’s highly anticipated European expansion has finally happened, with the US insurtech launching on June 11 in Germany not only to provide contents and liability insurance in the country but also introducing its so-called Policy 2.0.

Germany is the first country to offer the insurance start-up’s consumer-friendly policy, which Lemonade described as an easy-to-understand document designed for laymen instead of lawyers.

The New York disruptor’s entry into the German market is made possible with the help of AXA Germany, which will share insurance-related risk via a multi-year reinsurance agreement with Lemonade.

The insurtech, which in the US provides homeowners’ and renters’ insurance, has established its European headquarters in Amsterdam. It is licensed and supervised by the Dutch Central Bank.

As for picking Germany for the rollout, co-founder and “Chief Lemonade Maker” Shai Wininger explained: “We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward-thinking, digital-first consumer.

“Insurance that is instant, transparent, affordable, and mission-driven has universal appeal, which is why we look forward to launching in many more countries in the months and years to come.”

Meanwhile AXA Germany chief executive Alexander Vollert commented: “Rethinking insurance from a customer’s perspective is key to our mission. Therefore, AXA fosters self-driven innovation and partnerships more than ever.

“Our cooperation with Lemonade is strategically oriented, with reinsurance representing a first step in this direction.”

Lemonade uses artificial intelligence and behavioural economics, and distributes its policies direct to consumers via its app and website.