Digital insurance company Lemonade (NYSE: LMND) today launched pet health insurance. The company announced that “pet parents in 33 US states can get AI-powered, socially impactful coverage for their four-legged family members.”
The new insurance product is designed exclusively for cats and dogs. The insurers current products are for homeowners and renters, which Lemonade describes as, “a hassle-free digital experience with lightning-fast claim payments, best-in-class customer service, and a donation of leftover premium going to animal-focused charities customers care about.”
Lemonade cofounder and COO Shai Wininger said, “Creating the dream pet health insurance from scratch has been a journey in design, customer experience, and empathy. As pet parents ourselves, we found the existing options to be lacking, so we built a product for cats and dogs from the ground up. This means an insurance policy that’s short and easy to understand, and a user experience created with the pet, and their parent, at its core. We’re excited to make pet health insurance so affordable and accessible.”
Lemonade’s pet health insurance, starting at $12 per month, is available to both new and existing Lemonade customers, with the latter eligible for a discount of up to 10% off their monthly premium when they bundle their renters or homeowners policy with a pet policy. This is one of the only opportunities for consumers to bundle home insurance policies with pet health coverage, the company claims.
Lemonade cofounder and CEO Daniel Schreiber said, “The US pet insurance market is valued at a couple of billion dollars, and with the increasing number of pet adoptions coupled with rising veterinary costs, we believe this market can grow rapidly. Lemonade’s unique take on pet health insurance couldn’t be easier, or faster. This includes getting claims paid in seconds, accessing preventative care, receiving live health and wellness recommendations, and supporting animal nonprofits all from the comfort of your phone. Few insurers offer any of these features, and none offers them all.”
Lemonade is also offering customers unique coverages to add on to their pet health policies. These include a preventative and wellness package, designed to keep the pet healthy, and includes the costs of routine wellness exams and vaccines, while the extended accident and illness package expands coverages surrounding a pet’s recovery, helping to cover the costs of more advanced treatments and veterinary care.
Lemonade held its IPO two weeks ago and has since seen its share price nearly triple. The company claims that its unique algorithms enable it to more precisely price insurance policies. Lemonade’s share price is currently up 0.80% at $76.75, giving a market cap of $4.225 billion.
Published by Globes, Israel business news – en.globes.co.il – on July 15, 2020
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