US company Lemonade marks further European expansion | Insurance business America
Move builds on the French market entry in 2020
Property
By Terry Gangcuangco
Lemonade has its headquarters in New York and a European base in Amsterdam, and has continued to grow in Europe with a new offering in France.
The digital insurance company first entered the French market in December 2020 to offer renters insurance powered by artificial intelligence. With BNP Paribas Cardif as co-insurer, Lemonade will now begin offering home contents insurance across France.
Daniel Schreiber, co-founder and CEO of Lemonade, said: “The European market was our fastest growing business last year. We are currently developing from a mono to a multi-line insurer in Europe.
In Europe, Lemonade is licensed and supervised by the Dutch Central Bank and operates in France under the European freedom to provide services. The US company continues to expand globally and is also active in Germany, the Netherlands and the UK.
In its announcement, Lemonade noted: “Since partnering over a year ago, BNP Paribas Cardif and Lemonade have seen increasing success in offering rental insurance across France. The partnership, which brings together BNP Paribas Cardif’s proven advisory expertise and Lemonade’s innovative approach, will evolve into an offering now aimed at homeowners.
“BNP Paribas Cardif France will be able to offer this fully digital home insurance to its distribution partners, and Lemonade will benefit from the extensive experience of an insurer with a widely recognized brand that has been operating in the French market for 50 years.”
The new offer is available to French residents both on the Lemonade app and on cardif.fr and includes not only the basic protection, but also additional services such as school insurance, legal protection and protection against theft outside the home.
In other markets, Lemonade also offers auto, pet and life insurance.
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2024-04-10 04:20:00
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