Lemonade launches car insurance

Daniel Schreiber and Shai Wininger
Daniel Schreiber and Shai Wininger

The Lemonade app uses telematics to measure how much and how safe people drive, as well as provide 24/7 on-location roadside assistance, real time crash detection, and dispatch of emergency services.

Israeli digital insurance company Lemonade (NYSE: LMND) today announced that it has launched its newest product Lemonade Car. The digital car insurance product is available in Illinois, with Tennessee coming next and other US states thereafter.

The company said that Lemonade Car is designed to offer better prices for safe and low-mileage drivers, as well as environment-friendly electric vehicles and hybrid cars. The Lemonade app uses telematics to measure how much and how safe people drive, as well as provide 24/7 on-location roadside assistance, real time crash detection, and dispatch of emergency services.

Customers will also receive significant discounts when bundling with other Lemonade products. The new car bundles allow new and existing customers to purchase Lemonade Car alongside Home, Renters, Pet, or Life products and save up to hundreds of dollars a year.

Lemonade Car's first-of-its-kind claims process allows users to file claims in minutes, and when needed, get tow services, emergency EV battery recharge, and the ability to track repairs, body shop work, and more.

Using Blender, the company’s proprietary insurance operating system, Lemonade’s claim advocates are able to handle more claims in a shorter period of time and with greater efficiency than traditional insurance systems. Blender automates many of the otherwise time consuming, manual processes, which translates into happier customers and lower costs.

Lemonade cofounder and CEO Shai Wininger said, "We stood up entire teams to handle tows, repairs, body shop services, as well as support for the 24/7 roadside assistance and emergency services we now offer. Providing a best-in-class car claims experience means being there for your customers 100 percent of the time, with surprisingly fast service and lots of empathy."

He added, "We wanted to introduce a product that will not only reinvent how people buy car insurance, manage their policy, and file claims, but also do something good for the planet. Since we can’t stop using cars just yet, we will help compensate for the CO2 emitted from our customers’ cars by financing reforestation on an ongoing basis. Using the telematics technology in our app, we’re able to estimate how much carbon dioxide is emitted by each ride, and plant trees accordingly."

The company's share price is up 6.83% at $72.71, giving a market cap of $4.462 billion.

Published by Globes, Israel business news - en.globes.co.il - on November 3, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Daniel Schreiber and Shai Wininger
Daniel Schreiber and Shai Wininger
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018