NEW YORK, December 22, 2016 /PRNewswire/ --
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, today announced it has filed for a license in 46 states and the District of Columbia, in addition to New York where it was licensed 3 months ago. Lemonade hopes to become available to 97% of the US population during 2017.
"Staffing Lemonade with bots instead of brokers allows for rapid expansion" said Shai Wininger, Lemonade President and cofounder. "The cloud is accessible from anywhere, our datasets are nationwide, and our network of contractors span all 50 states. The reception in New York has been remarkable, and we can't wait to be live across the nation."
Since its New York debut in September, tens of thousands of people from around the country applied for Lemonade, making nationwide expansion a top priority. Three remaining states, Mississippi, Washington and Wyoming, have strict statutory waiting times, and Lemonade plans to file there once these have been met.
"Lemonade went from standstill to launch in 15 months, and that included building the entire technology stack, reinsurance program and professional team from scratch. That's unheard of," said Peter Diamandis, Founder and Executive Chairman of XPRIZE. "Lemonade is now on course to grow its footprint more than 40X during its second 15 month period. That's what happens when you move insurance from an infrastructure reliant on people and paperwork to one built on bots and apps. Buckle up, insurance just went exponential."
With Lemonade, buying insurance or submitting a claim takes virtually no time and no paperwork; and unlike legacy insurers, Lemonade takes a flat fee, giving back unclaimed money to causes policyholders care about. This unique 'Giveback' program derives from studies by Lemonade's Chief Behavioral Officer, Professor Dan Ariely, and earned Lemonade a B-Corp certification.
Track Lemonade's nationwide rollout: http://www.lemonade.com/lemonade_goes_nationwide
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.