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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.

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.

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