Lemonade Launches Pet Health Insurance Program
Easy Coverage for Dogs and Cats
Lemonade (LMND) rolled out a pet health insurance program yesterday. Now, dog and cat owners in 33 US states will be able to buy coverage for their four-legged friends through the platform.
The company’s pet health insurance will start at $12 per month. Existing Lemonade customers will have the opportunity to bundle renters or homeowners insurance with pet health insurance to receive a 10% discount off their monthly fee. Leftover premiums from the program will be donated to charities focused on animals.
Lemonade Forges Ahead After Successful IPO
Lemonade went public about two weeks ago, with one of the most successful IPOs of 2020 so far. The company is known for its hassle-free user experience, and mainly caters to millennials and younger generations. 70% of its customers are under the age of 35.
Lemonade has approached the insurance industry the way Salesforce (CRM) and CrowdStrike Holdings (CRWD) approached the software industry—by adapting a legacy business to meet the needs of people in a fast-moving, tech-centric world.
Offering pet insurance is Lemonade’s most recent step in creating a customer-centric experience.
The Pet Insurance Industry Is Poised for Growth
The US pet insurance market is worth billions of dollars. As pet adoptions rise, and veterinary costs go up, Lemonade saw an opportunity for growth.
Shai Wininger, COO and Co-Founder of Lemonade explained , ”As pet parents ourselves, we found the existing options to be lacking, so we built a product for cats and dogs from the ground up. This means an insurance policy that’s short and easy to understand, and a user experience created with the pet, and their parent, at its core.” Investors will be watching to see if Lemonade’s new offerings for users’ four-legged friends will continue to push its shares higher.
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