It follows Lemonade’s shares doubling in value after its IPO on its first day of trading at the beginning of July
US-based insurtech Lemonade has entered the pet health insurance market.
With the US pet insurance market being valued at a couple of billion dollars according to Lemonade’s chief executive and co-founder Daniel Schreiber, the insurtech believes this market could grow rapidly.
According to the ABI, 4.8 million pets in the UK are insured, of which 2.8 million are dogs, 1.3 million are cats and 700,000 classified as others.
Schreiber added: “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 non-profits all from the comfort of your phone. Few insurers offer any of these features, and none offers them all.”
It follows Lemonade announcing that it would be expanding into pet insurance for cats and dogs back in February and the insurtech’s shares doubling in value after its IPO, with the company being valued at $3bn at the beginning of July. Prior to its IPO, the insurtech was valued at $1.6bn.
Pet parents, as the insurtech refers to pet owners, will now have access to faster claims in 33 US states, starting from $12 per month and the option of bundling this product with Lemonade’s homeowners and renter’s policy and discounted premiums.
Shai Wininger, chief operating officer and co-founder of Lemonade, 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.”