Insurance fintech Lemonade is bringing their platform powered by behavioral economics and artificial intelligence to New Jersey, which joins New York, California and Illinois as states whose residents can purchase homeowners and renters insurance via a website or app.
Expect more announcements soon, as Lemonade has received 13 state licenses representing close to 50 per cent of the country’s population.
“As Lemonade continues its nationwide rollout, we have a special place in our heart for New Jersey,” said Shai Wininger, cofounder and chief lemonade maker. “We received endless requests to launch there after our New York launch from consumers who work in New York but live across the Hudson, and many of our own team are native Jersey residents. So today’s launch feels like a natural next step, and we couldn’t be more excited.”
Lemonade takes a flat 20 per cent fee and returns unclaimed money during Giveback, an annual process where donations are made to customer-selected causes. The 2017 edition saw more than 10 per cent of revenue given to 14 groups.