Lemonade continues to expand in Europe

The Unicorn of the insurance industry will also be found in France in the future. After Germany and the Netherlands, it is the third European market that Lemonade wants to conquer.

After Germany and the Netherlands, the us insurance start-up Lemonade is also expanding to France. In 2015, Daniel Schreiber and Shai Wininger had founded the start-up, which was considered a great hope, in New York. It was able to raise investor money quickly. It went public this year and is valued at four billion dollars.

In France, Lemonade now faces its local rival Luko, which has raised 74 million euros so far and has 100,000 customers. But Lemonade says it is prepared and has tweaked its offering: Accordingly, the registration for new customers and payment of insurance sums should work even faster. In addition, the premiums of the customers are to be donated after deduction of their claims. To which charitable organization they should go, the customers can decide.

Perhaps the expansion of the product range is also a reaction to the somewhat bumpy start on the German market, for which a lot was invested in marketing, yet sales were slow. In 2019, Lemonade had launched in Germany with home and liability insurance, but according to a report by Finance Forward, had only 20,000 users who had also downloaded the app after a few weeks. Lemonade itself, however, says it is pleased with its performance in Germany. The start-up is still posting losses internationally, totaling $108 million in 2019 on revenue of $67 million.