In this mechanical era of sustenance, saving goes far beyond investing a portion of your earnings. One needs to smartly think and take sufficient cover for various risks in business and personal life to stay safe from possible financial losses. Thus started the giant industry of “Insurance”. Insurance is like a huge banyan tree with several prop roots. Several types of insurance like life, health, credit, property, motor / vehicle, travel etc., strongly support the industry and every day we get to see one or the other new type of cover introduced. Have you tried Lemonade, Inc.’s pet health insurance or renter’s insurance? Read further to know more about the Lemonade Insurance Company and its products.
About Lemonade, Inc.
Founded in April 2015, Lemonade, Inc., is an American property and casualty insurance company. The business idea was conceived by Daniel Schreiber and Shai Wininger and the company was registered as a public benefit corporation. Its headquarters is located in New York.
Lemonade Inc., has acquired funding from multiple investors including Sequoia Capital, Aleph, XL Innovate and series of funding by venture capitalists. As of April 2019, the company had acquired a total of $480 million through these funding. Lemonade further announced an IPO in July 2020 and started trading its shares in NYSE under the ticker LMND from July 2, 2020. As of September 2020, the company’s financial stability is rated as A – Exceptional by Demotech, a financial analysis firm based in Ohio.
Insurance being its primary business, the premiums paid by the customers are the main source of income for Lemonade Insurance. Unlike regular companies in the insurance business, Lemonade banks in 25 per cent of the premiums received as its fee and uses the balance 75 per cent for business operations and charity to institutions chosen by its customers. Lemonade’s own policies are reinsured with Lloyd’s of London.
Products and services of Lemonade, Inc.
Lemonade offers insurance policies for home owners and renters. The company uses AI Chatbot - Maya to provide insurance policies and handle claims. On a home insurance policy the customer gets to cover the physical structure of the house, other structures like driveway, fence, shed, treehouse etc., total value of personal property owned including electronics, clothing, furniture, etc., legal expenses and medical costs onpersonal liability and expenses arising in the event of the property becoming unlivable.
In addition to the above, Lemonade offers pet insurance for dogs and cats. Pet health insurance covers diagnostic charges, expenses on OP services, emergency care, hospitalization, surgeries and medication arising due to accidents or illness. Check out the website to know more about the insurance criterion and to learn about the optional wellness package. Also, pet insurance carries additional discounts on the rates if the pet owner has had his home also insured by Lemonade.
Certified B-Corp in May 2016, Lemonade is a socially responsible company and through its “Giveback" scheme, shares a portion of unclaimed premium with chosen charities and non-profit organizations.
To know more about how to obtain a Lemonade insurance and to gauge whether it is the best fit for your insurance needs, please visit the company website today. Don’t forget to check if you are eligible for a renter’s insurance therein. We trust our blog on the insurance advisor was insightful.