Digital insurtech start-up Lemonade has made its first move into the European market with the launch of its contents and liability insurance product in Germany, its first major move outside of the US.
Germany is the first country to offer Lemonade’s Policy 2.0, which is designed to offer consumers contents and liability insurance instantly from any device whilst being easy to understand with a transparent document designed for ordinary people.
With its launch into Germany, Lemonade has entered into a multi-year reinsurance agreement with AXA Germany to share its insurance-related risk.
Shai Wininger, chief lemonade maker and cofounder of Lemonade shared: “We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward thinking, digital-first consumer. Insurance that is instant, transparent, affordable, and mission-driven has universal appeal, which is why we look forward to launching in many more countries in the months and years to come.”
“Rethinking insurance from a customer’s perspective is key to our mission,” said Alexander Vollert, CEO AXA Germany.
Adding: “Therefore, AXA fosters self-driven innovation and partnerships more than ever. Our cooperation with Lemonade is strategically oriented, with reinsurance representing a first step in this direction.”