AI insurance company Lemonade has launched in the UK via a partnership with Aviva.
Residents in the UK are now able to protect their belongings with Lemonade, starting at £4 a month. Lemonade’s Contents insurance includes worldwide coverage for individual personal items of up to £2,000 each, total coverage up to £100,000, and no cancellation fees.
Add-on coverage is also available for those who want extra protection for theft and loss-related incidents, accidental damage to mobile devices as well as expert help through legal protection.
Founded in 2015, New York-listed Lemonade claims to give customers the opportunity to take out contents insurance instantly, from any device, as well as file claims and get paid in seconds.
The launch is the latest for Lemonade in Europe. It is already live in France, Germany and the Netherlands.
As a public benefit corporation and certified B-Corp, Lemonade has social impact baked directly into its business model. Through its Giveback program, the company donates leftover premiums to non-profit organisations selected by its customers, supporting causes like equality, climate and poverty.
“Insurance as we know it hails from the UK, as do I. So both professionally and personally bringing Lemonade to the UK is a homecoming of sorts,” said Daniel Schreiber, Lemonade co-CEO and co-founder.
“We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalised, and mission-driven insurance?”
Lemonade Insurance NV is regulated by the Financial Conduct Authority (FCA) and subject to limited regulation by the Prudential Regulatory Authority (PRA) in the UK.
“We’re excited to be appointed as the long-term partner for Lemonade in the UK. We share a common outlook for how digital, AI and data can transform customer experiences, and the role insurers can play in building stronger communities,” said Adam Winslow, CEO of Aviva UK & Ireland general insurance.
“By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the UK insurance market. In our 325-year history we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”
“Pairing Lemonade’s strengths with Aviva’s promises to deliver an insurance that is digitally native, yet rooted in the birth of modern statistics in the 1700s. It’s the best of both worlds, giving people a refreshing experience backed by a company they’ve known and trusted for years,” added Schreiber.