InsurTech

Lemonade releases Car product, rewarding safe driving with lower prices

Lemonade, an insurtech utilizing artificial intelligence, announced to release of its new Lemonade Car product which offers better prices for safe and low-mileage drivers, according to a press release.

Lemonade Car utilizes telematics to measure how much and how safely people drive, in addition to offering 24/7 on-location roadside assistance, real-time crash detection and dispatch of emergency services.

The service will also offer customers automatic discounts based on safety and when bundling with other Lemonade products, including new and existing purchases of Home, Renters, Pet and Life products. Car uses Lemonade’s proprietary insurance operating system, Blender, to handle more claims in a shorter time frame.

“We stood up entire teams to handle tows, repairs, body shop services, as well as support for the 24/7 roadside assistance and emergency services we now offer,” Lemonade co-founder and CEO Shai Wininger stated in the release.

Lemonade also stated it will offer better rates and coverage for electric vehicles and hybrid cars, reward low-mileage drivers and fund reforestation to recoup customer’s carbon emissions.

“We wanted to introduce a product that will not only reinvent how people buy car insurance, manage their policy and file claims, but also do something good for the planet. Since we can’t stop using cars just yet, we will help compensate for the CO2 emitted from our customers’ cars by financing reforestation on an ongoing basis,” Wininger said.

Customers will be able to use the Lemonade app to assess damage, obtain repair estimates and get progress updates as well. The offering is launching in its first market, Illinois, and will soon be expanded as part of a national rollout.

In other recent fintech news, Klarna released its super shopping app in an attempt to move from just a payment platform to an end-to-end retail provider. HoneyBook also doubled in valuation following a large $250 million Series E led by Tiger Global Management.

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