Insurance technology start-up Lemonade has taken its first steps in the European market with the launch of a new policy in Europe, backed by a reinsurance arrangement with AXA Germany.
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.
“We chose Germany for our first international launch because it combines a very traditional insurance industry, with a very forward thinking, digital-first consumer,” said Shai Wininger, Chief Lemonade Maker and cofounder of Lemonade.
“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,” he added.
In connection with its launch into Germany, Lemonade has entered into a multi-year reinsurance agreement with AXA Germany to share its insurance-related risk.
“Rethinking insurance from a customer’s perspective is key to our mission,” said Alexander Vollert, CEO AXA Germany.
“Therefore, AXA fosters self-driven innovation and partnerships more than ever,” Vollert continued. “Our cooperation with Lemonade is strategically oriented, with reinsurance representing a first step in this direction.”
Lemonade is currently licensed and supervised by the Dutch Central Bank (DNB), and has established its European headquarters in Amsterdam.