Insurance startup Lemonade expands into Europe with Germany launch

Pedro Gonçalves
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Insurance startup Lemonade expands into Europe with Germany launch

Lemonade, the digital insurance company  is expanding into Europe with the launch of its services in Germany.

"We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward thinking, digital-first consumer," said Shai Wininger, chief Lemonade Maker and co-founder of Lemonade.

Germany is the first country to offer Lemonade to consumers. This includes Policy 2.0 which offers consumers contents and liability insurance instantly from any device.

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."

In addition, Lemonade has entered into a multi-year reinsurance agreement with AXA Germany to share its insurance-related risk.

The uncertain trajectory caused by Brexit was one of the reasons the business did not use the UK to launch its European offerings, said the Financial Times.

Lemonade said that it charges customers a fee for its services, and any premiums that are not used to pay claims are passed on to good causes. It started by selling home insurance for renters in New York but has since expanded across the US.

 

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