Lemonade Car Launches!

Rhea-AI Summary

Lemonade has launched its new product, Lemonade Car, aimed at providing affordable insurance for safe drivers and eco-friendly vehicles. Currently available in Illinois, it will expand nationwide, offering discounts for bundling with other Lemonade products. The app utilizes telematics for driving behavior assessment and features rapid claims processing via its proprietary system, Blender. With a commitment to environmental sustainability, Lemonade also funds reforestation to offset CO₂ emissions from customer vehicles.

Positive

• Introduction of Lemonade Car targeting safe drivers and eco-conscious customers.
• Discounts available for bundling with other Lemonade insurance products, enhancing customer savings.
• Innovative claims processing system (Blender) improves efficiency and customer satisfaction.
• Commitment to environmental initiatives through reforestation efforts.

Negative

• None.

Lemonade’s newest product features great prices for safe drivers, best-in-class service, and perks for environment-conscious customers

NEW YORK--(BUSINESS WIRE)--

Lemonade, the insurance company powered by AI and social good, today unveiled its newest product - Lemonade Car - designed to bring a fresh, tech-first approach to the category. Lemonade Car is now available in Illinois and will be rolling out nationwide.

Lemonade Car Homescreen (Photo: Business Wire)

Lemonade Car is designed to offer better prices for safe and low-mileage drivers, as well as environment-friendly EVs and hybrid cars. The Lemonade app uses telematics to measure how much and how safe people drive, as well as provide 24/7 on-location roadside assistance, real time crash detection, and dispatch of emergency services.

In addition, customers will automatically receive significant discounts when bundling with other Lemonade products. The new car bundles allow new and existing customers to purchase Lemonade Car alongside Home, Renters, Pet, or Life products and save up to hundreds of dollars a year.

Lemonade Car's first-of-its-kind claims process allows users to file claims in minutes, and when needed, get tow services, emergency EV battery recharge, and the ability to track repairs, body shop work, and more. Using Blender, the company’s proprietary insurance operating system, Lemonade’s claim advocates are able to handle more claims in a shorter period of time and with greater efficiency than traditional insurance systems. Blender automates many of the otherwise time consuming, manual processes, which translates into happier customers and lower costs.

“We stood up entire teams to handle tows, repairs, body shop services, as well as support for the 24/7 roadside assistance and emergency services we now offer,” said Shai Wininger, Lemonade’s CEO and cofounder. “Providing a best-in-class car claims experience means being there for your customers 100 percent of the time, with surprisingly fast service and lots of empathy.”

As a public benefit corporation and B-Corp, Lemonade will continue its long-standing commitment to never invest in fossil fuels and polluting industries, as well as to incorporate incentives to reduce CO₂ emissions. Lemonade Car offers better rates and coverage for electric vehicles and hybrid cars, rewards low-mileage drivers with lower insurance rates, and will fund reforestation to help clean up after customers’ carbon emissions, over time.

“We wanted to introduce a product that will not only reinvent how people buy car insurance, manage their policy, and file claims, but also do something good for the planet. Since we can’t stop using cars just yet, we will help compensate for the CO₂ emitted from our customers’ cars by financing reforestation on an ongoing basis. Using the telematics technology in our app, we’re able to estimate how much carbon dioxide is emitted by each ride, and plant trees accordingly.” said Wininger.

Lemonade Car is now available to customers in Illinois with Tennessee coming next, and additional states across the U.S. rolling out thereafter.

Get a peek behind the scenes of the Lemonade Car product and its making.

To get a quote, or get notified when Lemonade Car becomes available in your state, visit www.lemonade.com/car.

About Lemonade

Lemonade offers renters, homeowners, pet, car, and life insurance. Powered by artificial intelligence and social good, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, and France, and continues to expand globally.

Follow @lemonade_inc on Twitter for updates.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the anticipated success of our car insurance product, as well as our related incentives to reduce CO 2 emissions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our history of losses and the fact that we may not achieve or maintain profitability in the future; our ability to retain and expand our customer base; the fact that the “Lemonade” brand may not become as widely known as incumbents’ brands or the brand may become tarnished; the denial of claims or our failure to accurately and timely pay claims; our ability to attain greater value from each user; the novelty of our business model and its unpredictable efficacy and susceptibility to unintended consequences; the possibility that we could be forced to modify or eliminate our Giveback, which could undermine our business model; the results of examinations by our primary state insurance regulator that could result in adverse examinations findings and necessitate remedial actions or give rise to regulatory orders requiring remedial, injunctive, or other corrective action; our limited operating history; our ability to manage our growth effectively; the impact of intense competition in the segments of the insurance industry in which we operate on our ability to attain or increase profitability; the unavailability of reinsurance at current levels and prices, which could limit our ability to write new business; our ability to renew reinsurance contracts on comparable duration and terms to those currently in effect; our exposure to counterparty risks as a result of reinsurance; the loss of personal customer information, damage to our reputation and brand, or harm to our business and operating results as a result of security incidents or real or perceived errors, failures or bugs in our systems, website or app; our actual or perceived failure to protect customer information and other data, respect customers’ privacy, or comply with data privacy and security laws and regulations; our ability to comply with extensive insurance industry regulations and the need to incur additional costs or devote additional resources to comply with changes to existing regulations; our exposure to additional regulatory requirements specific to other vertical markets that we enter or have entered, including auto, pet and life insurance, and the need to devote additional resources to comply with these regulations; and our inability to predict the lasting impacts of COVID-19 to our business in particular, and the global economy generally. These and other important factors, discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the period ended December 30, 2020 and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s beliefs as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211103005308/en/

Lemonade Press

Natalie Gerke

press@lemonade.com

Source: Lemonade

FAQ

What is Lemonade Car?

Lemonade Car is a new insurance product from Lemonade that offers competitive rates for safe drivers and eco-friendly vehicles.

Where is Lemonade Car available?

Lemonade Car is currently available in Illinois, with plans for nationwide rollout.

What discounts does Lemonade Car offer?

Customers can receive significant discounts by bundling Lemonade Car with other insurance products such as Home, Renters, Pet, or Life.

How does Lemonade's claims process work?

Lemonade's claims process allows users to file claims quickly, with support for tow services and tracking repairs through its app.

What is Blender in Lemonade Car?

Blender is Lemonade's proprietary insurance operating system that automates claims processing for increased efficiency.