INSUBCONTINENT EXCLUSIVE:
Right now, the company is going through the regulatory process, which will make its intentions a matter of public record
We do know, however, that the coverage will be exclusively for dogs and cats.A very small fraction of pet owners in the United States
actually have pet insurance, with numbers ranging between 1 and 2%
Meanwhile, 70% of Lemonade customers who have purchased a homeowners or renters policy are also pet owners, according to Schreiber.Schreiber
explained that dog ownership is one of many signals used by Lemonade to determine homeowner and renter insurance quotes, as dogs can
sometimes play a factor in the risk-assessment of a home, such as deterring burglary
Around 90% of Lemonade customers are purchasing an insurance policy for the first time.Considering those numbers, it makes sense for
Lemonade to target that massive segment of its audience with a new product
Horses were a mode of transportation, and the insurance was meant to protect you if something happened to that mode of transportation
This gives it some flexibility around the way its policy is actually written
The company has been trying to get regulators on board with an updated, simplified renters insurance policy that gives folks clear insight
The company offered a chatbot to take users through the on-boarding process, asking a series of questions and retrieving a quote in about a
The company also re-engineered the business model of insurance, wherein Lemonade would take its revenue cut each month and the rest of the
