The American insurtech had first announced its plan to expand into Europe last November
Lemonade has named Germany as the first country in Europe that it is expanding into.
Alongside this it is also releasing Policy 2.0, which is an open source digitised insurance policy, which it has claims is “the world’s shortest…coolest” policy. It is simplified to help customers understand the wording.
The start-up says that the policy is a “first of its kind” collaboration project between customers, insurance experts and the team.
It shows what you pay for the policy upfront, and what is covered. It is renewed automatically on a monthly basis until either party cancels it.
It follows Lemonade receiving $300m in funding to accelerate its expansion, as well as the trend for subscription-based insurance policies. The US-based insurtech announced last November that it had its sights set on Europe for expansion.
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