Lemonade Cars Launch! | Business thread

NEW YORK–(COMMERCIAL THREAD) – Lemonade, the insurance company powered by AI and social good, today unveiled its new product – Lemonade Car – designed to bring a new technological approach to the category. Lemonade Car is now available in Illinois and will be rolled out nationwide.

Lemonade Car is designed to provide better prices for safe, low-mileage drivers, as well as environmentally friendly electric vehicles and hybrid cars. The Lemonade app uses telematics to measure how much and how safely people are driving, as well as to provide 24/7 on-site roadside assistance, real-time accident detection and dispatch of emergency services.

Additionally, customers will automatically receive large discounts when they bundle with other Lemonade products. The new car packs allow new and existing customers to purchase Lemonade Car alongside Home, Renters, Pet or Life products and save up to hundreds of dollars per year.

Lemonade Car’s one-of-a-kind complaints process allows users to file complaints within minutes and, if needed, get towing services, emergency electric vehicle battery recharging, and the ability to track repairs, bodywork, etc. Using Blender, the company’s proprietary insurance operating system, Lemonade claims advocates are able to process more claims in less time and with greater efficiency than insurance systems traditional. Blender automates many manual processes that otherwise take time, resulting in happier customers and lower costs.

“We have assembled entire teams to handle towing, repairs, bodywork services, as well as the 24/7 roadside assistance and emergency service support we now offer, ”said Shai Wininger. , CEO and co-founder of Lemonade. “Delivering a top-notch auto claims experience means being there for your customers 100% of the time, with surprisingly fast service and a lot of empathy.

As a public benefit company 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 CO emissions.2 emissions. Lemonade Car offers better rates and better 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. time.

“We wanted to introduce a product that will not only reinvent the way people buy auto insurance, manage their policies, and file claims, but will also do something good for the planet. As we cannot stop using cars just yet, we will help offset the CO2 issued by our customers’ cars by financing reforestation on an ongoing basis. Thanks to the telematics technology in our app, we are able to estimate the amount of carbon dioxide emitted by each journey and plant trees accordingly. said Wininger.

Lemonade Car is now available to customers in Illinois, with Tennessee coming next, and other states in the United States will be rolled out thereafter.

Take a look behind the scenes of the Lemonade Car product and how it is made.

To get a quote or be notified when Lemonade Car is available in your state, go to www.lemonade.com/car.

About lemonade

Lemonade offers renters, homeowners, pets, car and life insurance. Powered by artificial intelligence and social good, Lemonade’s comprehensive insurance companies in the US and EU are replacing brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and everything. instantaneous. Certified B-Corp, Lemonade offers unused bonuses to associations 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 historical facts should be considered as forward-looking statements, including statements regarding the success of our auto insurance product, as well as our related incentives to reduce CO 2 emissions. These statements are not promises or 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 future results, performance or achievements. expressed or implied by forward-looking statements. 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 “Limonade” brand may not become as widely known as the brands of the incumbents or the brand may be tarnished; denial of claims or our inability to pay claims accurately and on time; our ability to get more value from each user; the novelty of our business model and its unpredictable efficiency and susceptibility to unintended consequences; the possibility that we may be forced to modify or eliminate our Giveback, which could undermine our business model; the results of reviews conducted by our principal state insurance regulator that may result in adverse review findings and require corrective action or result in regulatory orders requiring corrective, injunctional or other action; our limited operating history; our ability to effectively manage our growth; the impact of intense competition in the segments of the insurance industry in which we operate on our ability to achieve 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 over terms and conditions comparable to those currently in force; our exposure to counterparty risks resulting from reinsurance; loss of personal customer information, damage to our reputation and brand, or to our business and operational results as a result of actual or perceived security incidents or errors, failures or bugs in our systems, website or application; our actual or perceived inability to protect customer information and other data, respect customer 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 verticals 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 on our business in particular, and the global economy in general. These and other important factors, discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the period ended December 30, 2020 and our other documents filed with the Securities and Exchange Commission, could cause therefore, actual results differ materially from those indicated by the forward-looking statements contained in this press release. These forward-looking statements represent the beliefs of management as of the date of this press release. While we may choose to update these forward-looking statements at some time in the future, we disclaim any obligation to do so, even if subsequent events change our view.

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