NEW YORK, August 2, 2017 /PRNewswire/ --
Lemonade, the insurance company powered by artificial intelligence and behavioral economics, is now available throughout the Garden State. Residents of New Jersey can now buy homeowners and renters insurance in seconds at lemonade.com, or through the Lemonade app, and choose a cause to 'Giveback' to.
New Jersey marks the fourth state in Lemonade's nationwide expansion, joining New York, California, and Illinois. The full-stack insurance company has received a total of 13 state licenses, reaching almost 50% of the US population, and will launch state-by-state in coming months.
"As Lemonade continues its nationwide rollout, we have a special place in our heart for New Jersey," said Shai Wininger, cofounder and Chief Lemonade Maker, Lemonade. "We received endless requests to launch there after our New York launch from consumers who work in New York but live across the Hudson, and many of our own team are native Jersey residents. So today's launch feels like a natural next step, and we couldn't be more excited."
In addition to digitizing the entire insurance process, Lemonade reduces costs and bureaucracy through giving. In a reversal of the traditional insurance model, Lemonade takes a flat 20% fee and treats premiums as belonging to the insured, not the insurer, returning unclaimed money during its annual 'Giveback.' Giveback is a unique feature of Lemonade, where each year leftover money ('underwriting profit') is donated to a cause customers care about. The 2017 Giveback saw more than 10% of Lemonade's revenue go to 14 different causes chosen by the Lemonade community.
Since the company's September 2016 launch, Lemonade has attained considerable market share, especially among first time insurance buyers. In New York State alone, Lemonade overtook Allstate, GEICO, Farmers, Liberty Mutual, Progressive, State Farm, USAA and all other legacy insurers among first time buyers of renters insurance.
Residents of New Jersey, California, New York, and Illinois can now buy a new policy or painlessly switch from an existing one in no time and with no paperwork at http://www.lemonade.com or through the Lemonade app.
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.