NEW YORK, April 20, 2017 /PRNewswire/ --
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, today announced a strategic investment by Allianz, the world's largest insurance company.
"Allianz is committed to staying at the cutting edge of insurance," said Solmaz Altin, Chief Digital Officer at Allianz SE. "We follow the insurtech space closely and globally, and have seen nothing to match Lemonade in terms of technology, user experience and business model innovation. We're thrilled to become a stakeholder in Lemonade, and will do what we can to accelerate their rapid expansion throughout the US and beyond."
"Allianz is rightly regarded as one of the most forward thinking companies in our industry," said Daniel Schreiber, cofounder and CEO at Lemonade. "Despite their unparalleled reach and resources, Allianz has no competitive business with Lemonade, and we look forward to deepening our relationship with them in the years to come."
Details of the investment have not been disclosed.
The Allianz Group serves 86 million retail and corporate customers in more than 70 countries, making it one of the world's largest insurers and asset managers. In 2016, over 140,000 employees worldwide achieved total revenues of 122.4 billion euros and an operating profit of 10.8 billion euros. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property and health insurance to assistance services to credit insurance and global business insurance. As an investor, Allianz is active in a variety of sectors including debt, equity, infrastructure, real estate and renewable energy. The Group's long-term value strategies maximize risk-adjusted returns.
Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything. And as a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil.