Lemonade, the AI-powered online insurance company, announced this week that it will begin offering pet insurance in the US. The new product line, exclusively for cats and dogs, is expected to launch in a few months pending regulatory approval, the company said in a statement.
“Many at Team Lemonade, myself included, are devoted pet parents, so we decided to build the dream pet health insurance product for our best friends,” said Shai Wininger, COO and co-founder of Lemonade. “Many of us think of our pets as family members, yet so few of us take the important step of getting them health insurance. We challenged ourselves to create a product that will close this gap and make pet health insurance affordable and accessible.”
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Founded in 2015 by Wininger, also a co-founder of Fiverr, and Daniel Schreiber, Lemonade uses behavioral economics, artificial intelligence and chatbots to deliver renters and homeowners insurance policies and handle claims quickly for users in nearly two dozen states across the US. It offers renters insurance starting at $5 per month, and homeowners insurance starting at $25 per month.
Last year, the company raised a $300 million Series D funding round led by Japan’s Softbank Group Corporation, with participation from Allianz, General Catalyst, GV, OurCrowd and Thrive Capital.