The French consumers can instantly get insurance offerings, anytime, and from any device, and are enabled to file claims and get paid through the Lemonade app
Lemonade, a New York-based artificial intelligence (AI) powered insurance firm, has unveiled plans to launch its new multi-risk insurance services in France.
The company said that its insurance offering will be rolled out in France by the end of 2020, and has already allowed the customers in the country to sign up for the waitlist.
Lemonade’s expansion into France marks its third European country after the company launched its services in the Netherlands earlier this year and Germany in June 2019.
Once the company launches its operations, consumers will be instantly offered with insurance offerings, anytime, and from any device, and are enabled to file claims and get paid in seconds, through the Lemonade app.
Lemonade CEO and co-founder Daniel Schreiber said: “Home insurance is often legally required in France, which automatically makes it a compelling opportunity for Lemonade’s next European country launch.
“While the French insurance market is one of the most developed globally, we believe that Lemonade’s unique mix of value, values, and technology will stand out to the French consumer, offering the ability to get fast, personalized, and mission-driven insurance, from the comfort of any phone.”
Lemonade has specially crafted insurance products for French customers
Lemonade claimed that its insurance products across various platforms received good consumers rating, for its easy digital experience, fast claim payments, customer service and business model.
Also, the company differs from the conventional insurance model, by charging a flat fee for its operations, and donating unused premiums to charities of its customers’ choice, through its annual Giveback programme.
Lemonade said that its insurance product is specially crafted for its customers in France, and offers a simple experience with help of artificial intelligence, instant claims, and its capability to support local and global charities.
In addition, the French products will be similar to the German and Dutch products and are based on the company’s Policy 2.0, a short, easy to understand, and transparent insurance policy designed for ordinary people, unlike the dense and dated policies.
Lemonade provides renters, homeowners, and pet health insurance in the US, along with contents and liability insurance in Germany and the Netherlands, through its insurance carriers.
The company aims to replace brokers and administrators with bots and machine learning, by leveraging artificial intelligence and behavioural economics.