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August 2, 2022

Lemonade offloads Metromile’s EBS platform to EIS

Insurtech Lemonade has offloaded Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform EIS.

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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
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Start-up ecosystem outlook by top geographies
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The deal, whose financial terms were not disclosed, follows Lemonade’s acquisition of Metromile last week.

EBS is a SaaS claims automation and fraud detection platform which Metromile licensed to large insurance carriers.

Metromile leverages data science technology and telematics sensors to provide pay-per-mile auto insurance plans.

Lemonade signed a deal to acquire the firm in November last year, as part of its strategy to accelerate its expansion into the auto insurance segment.

Meanwhile, several reports said that Lemonade laid off 60 Metromile employees immediately after the close of the deal.

The job cuts affected 20% of Metromile staff and include roles across recruiting, product, engineering and communications departments.

Metromile CFO Regi Vangalil and senior vice president of communication Debra Jack are said to include in the list of employees whose jobs have been sacked.

Founded in 2015, Lemonade initially provided property insurance.

Other moves by Lemonade

This March, Lemonade’s non-profit arm established Lemonade Crypto Climate Coalition to provide climate insurance to farmers.

The coalition was set up as a decentralised autonomous organisation aimed at building and distributing at-cost parametric weather insurance to farmers and livestock keepers in emerging markets.

In September last year, the insurtech rolled out a new pet insurance solution, expanding its existing pet product Lemonade Pet.

Designed specifically for puppies and kittens, the solution was a preventive care package covering procedures such as spay and neuter, microchipping, flea medication, and up to six vaccines or boosters.

Free Whitepaper
img

Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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