NEW YORK, April 4, 2017 /PRNewswire/ --
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, today announced it has been licensed as a full-stack insurance carrier by the State of Illinois. Renters in the state can now buy a Lemonade policy in seconds using the Lemonade app or by visiting lemonade.com. Homeowners policies will be available in the state soon.
"We're excited to launch Lemonade in Illinois, and after the enthusiastic reception from New York, we can't wait to see what Illinoisans have to say," said Daniel Schreiber, Lemonade CEO and Co-founder. "Lemonade offers a unique combination of value, values and tech, and we're on track to make these available across the nation."
Nationwide expansion has been a top priority for Lemonade, with hundreds of thousands of requests for Lemonade insurance piling in from around the country, and the world. The company announced in November 2016 that it had filed for licences in 47 states, aiming to reach 97% of the US population in 2017.
"Lemonade's forward-thinking business model and incredible tech are now available for the Midwest, and that's a good sign for both the tech industry and consumers," said Bradley Tusk, CEO of Tusk Holdings (a Lemonade investor) and former Deputy Governor of Illinois. "As a former Illinoisan and a current New Yorker, Lemonade's rapid expansion to Illinois is fantastic, and I look forward to watching Lemonade grow nationwide throughout 2017."
With Lemonade, buying insurance is done through an app in no time and with 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.
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 aims for 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.