Insurtech firm Lemonade has announced that it will power its recently launched life insurance offering with the Protect API platform from Bestow, a digital life insurance company.
Using Bestow’s platform, Lemonade customers can apply for instant insurance online using Lemonade’s website and apps.
Customers are underwritten in real-time, using third-party data to determine eligibility and pricing in seconds, with no medical exam required.
“Bestow has built life insurance infrastructure for the internet, partnering with world-class companies who provide access to vital financial products,” said Jonathan Abelmann, Co-founder and President of Bestow.
“Lemonade is a visionary in using technology to transform insurance, and we couldn’t be more excited to partner with them on Lemonade Life, which is truly a one-of-a-kind experience.”
In 2020, Bestow agreed to purchase a nationally licensed life insurer, grew its customer base by 400%, and raised more than $100 million in funding.
The full-stack life insurance carrier is also expanding across new product lines to further support advisor sales, carrier partnerships, and distribution partnerships like Lemonade Life.
Lemonade, meanwhile, recently announced that it intends to offer 3,300,000 shares of its common stock for sale in an underwritten public offering, resulting in net proceeds of up to $544.5 million.