Lemonade Marks One Year Since Launch With the World’s First Zero Deductible

The launch of Lemonade’s Zero Everything marks the company’s first anniversary. Lemonade launched in New York in September 2016, and has since expanded to California, New Jersey, Illinois and Texas, and has been licensed – and will launch soon – in 15 more states, reaching more than 50% of the US population.

“One of the motives behind Lemonade was to rebuild insurance around what makes sense to people, not insurance companies. That’s how Zero Everything was born,” said Daniel Schreiber, Lemonade cofounder and CEO. “People resent being ‘punished’ for using the product they paid plenty to use. Zero Everything is new and different. It allows you to receive your full replacement value, twice per year, every year, without your rates jumping. There’s nothing like it in market.”

With today’s launch of Zero Everything, Lemonade is moving from rethinking the fundamental business model of insurance and its customer experience, to tackling the underlying policy, and ensuring it is aligned with consumers’ wishes. Zero Everything is the closest thing to truly ‘undoing’ a loss.

“We want people to think about their Lemonade insurance as an Undo button for real life. You pay to have that undo button at hand, and you expect it to work when bad things happen,” said Shai Wininger, cofounder and Chief Lemonade Maker. “No gotchas, no paperwork, no faxes and no phone calls. Lemonade’s Zero Everything is a seamless, technology-powered product that undoes losses, in seconds.”

In the year since launch, Lemonade has attained considerable market share, especially among first-time insurance buyers. In New York State alone, Lemonade overtook Allstate, GEICO, Farmers, Liberty Mutual, Progressive, State Farm, USAA and all other legacy insurers among first-time buyers of renters insurance.

New users can opt for Zero Everything when getting a policy, simply by choosing the Zero Everything option before purchasing a policy. Existing users can upgrade to Zero Everything instantly thanks to Lemonade’s Live Policy.

About Lemonade
Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade aims for zero paperwork and instant everything. As a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade is currently available in New York, California, New Jersey, Texas and Illinois; licensed in 15 more states and looks set to expand nationwide.

Stay in touch at http://www.lemonade.com, @lemonade_inc or http://www.facebook.com/lemonade

Media Contact
Jill Burkes
[email protected]

SOURCE Lemonade

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About the Author: Bob Cooper

Bob Cooper is Canadian Business Tribune''s senior editor. He is also a nationally syndicated newspaper columnist and a bestselling author. He lives in London Ontario and covers the intersection of money, politics and finance. He appears periodically on national television shows and has been published in (among others) The National Post, Politico, The Atlantic, Harper’s, Wired.com, Vice and Salon.com. He also has served as a journalist and consultant on documentaries for CBC and Global News . In 2014, he was the winner of the Society of American Business Editors and Writers' investigative journalism award, and the winner of the Izzy Award for Journalism from Ithaca College's Park Center for Independent Media. He was also a finalist for UCLA's Gerald R. Loeb Award and Syracuse University's Mirror Award. Before becoming a journalist in 2006, Sirota worked in Washington for, among others, U.S. Rep. Bernie Sanders, the U.S. House Appropriations Committee Minority Staff and the Center for American Progress.