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July 16, 2020

Lemonade enters US pet insurance market

By Verdict Staff

Lemonade has expanded its product portfolio by launching health insurance for cat and dogs.

The new offering, which is being offered in 33 US states, joins the company’s homeowners and renters products.

Starting at $12 a month with a discount available for its existing policyholders, this pet insurance is said to offer AI-powered, socially impactful coverage for the pets.

The coverage includes the costs of routine wellness exams and vaccines as part of a Preventive Wellness Package. It also offers Extended Accident and Illness package to help the owners to cover the costs of more advanced treatments and veterinary care in the event of illness or disease.

Lemonade CEO and co-founder Daniel Schreiber said: “The US pet insurance market is valued at a couple of billion dollars, and with the increasing number of pet adoptions coupled with rising veterinary costs, we believe this market can grow rapidly.

“Lemonade’s unique take on pet health insurance couldn’t be easier, or faster. This includes getting claims paid in seconds, accessing preventative care, receiving live health and wellness recommendations, and supporting animal nonprofits all from the comfort of your phone. Few insurers offer any of these features, and none offers them all.”

The company first announced plans to introduce a new product line for pets in February this year.

In April, Lemonade expanded its footprint in the European market by launching operations in the Netherlands.

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