Insurtech startup Lemonade has named France as its next European market, following previous expansions into the Netherlands and Germany.
The company is planning to make its new multi-risk insurance available in France by the end of 2020.
Once launched, Lemonade says consumers in the country will be able to file claims and get paid through its app and secure insurance instantly and from any device.
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.
Lemonade also raised $319 million at its Initial Public Offering (IPO) after high-demand saw its price increase to $29 a share.
But the firm is not yet profitable, with Morgan Stanley forecasting net income profitability by 2026 and underwriting profitability by 2030.
“Home insurance is often legally required in France, which automatically makes it a compelling opportunity for Lemonade’s next European country launch,” said Daniel Schreiber, Lemonade CEO and co-founder.
“While the French insurance market is one of the most developed globally, we believe that Lemonade’s unique mix of value, values, and technology will stand out to the French consumer, offering the ability to get fast, personalized, and mission-driven insurance, from the comfort of any phone.”