Note from the Publisher: Insurtech Lemonade has just officially launched in the State of New York, and their offering is going to be a game changer. They are initially starting by providing homeowner insurance policies beginning at just $35/month and renters policies beginning at just $5/month for NY residents. They claim that by bypassing brokers, they have a massive competitive pricing advantage from legacy insurance firms, which charge 2x to 4.5x the premiums for the same amount of coverage. They plan to roll out more insurance options in more states later. Keep your eyes on this one – they could be a massive industry player within a very short time.
“The much anticipated Fintech firm Lemonade has officially launched in the state of New York. Lemonade has positioned its platform in a David vs. Goliath battle to challenge antediluvian insurance incumbents by providing a far better service at a superior price.
Lemonade has been licensed as a “full stack insurance carrier” in the state of New York but you should expect the platform to spread across the country in coming months as it strives to disrupt one of the largest financial services sectors in the world.
Initially, New York homeowners / renters will be able to get insured, settle claims “instantly” – anywhere on any device. No more calling your insurance agent and leaving a message and waiting for a response. Everything is just a few clicks away on your smartphone or other connected device.”