Insurtech start-up Lemonade has announced that it reached more than one million customers in 2020, 1,500 days after its initial launch.
This milestone follows the company’s recent expansion into France, a move that introduced its artificial intelligence-driven solutions to a third European country.
Lemonade has noted how the one million customer mark was reached some 15 to 45 years faster than industry leaders such as State Farm, Allstate, GEICO, and USAA.
“We’re proud to hit the one million customer mark so early in the life of the company,” said Shai Wininger, Lemonade co-founder and COO.
“With every new customer, our system grows smarter, our underwriting gets better, and our prices become more accurate and fair. At Lemonade, one million customers translates into billions of data points, which feed our AI at an ever-growing speed. Quantity generates quality.”
Since its inception in 2015, Lemonade has seen success with its a strategy of targeting young first-time insurance buyers, with the long-term goal being to retain these customers later into life.
However, the company has struggled to turn a profit, and most recently reported a net loss of $30.9 million for the third quarter of 2020.
