New Jersey next stop in Lemonade expansion
Ambitious US insurance start-up Lemonade has launched in New Jersey – its fourth US state.
The company, which mainly offers renters’ insurance, clams to be re-inventing insurance. It uses artificial intelligence to pay claims and also donates any premium not used for paying claims to non-profit organisations of its policyholders’ choice.
News of the Lemonade expansion follows its first annual payout to non-profits, which the insurer calls Giveback. It paid $53,174 to non-profits last month.
Lemonade said in April 2017 it had a 4.2% share of the New York renters’ insurance market.