American insurer Lemonade, which is powered by artificial intelligence and behavioral economics, has expanded European footprint by entering French insurance space.

France marks the third insurance marketplace for the insurer in Europe after Germany and the Netherlands.

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The company will initially offer renters insurance to the residents of France, enabling them to purchase the policy, file claims, and get paid instantly via the Lemonade app.

This policy is being offered €4 a month and is said to include features that offers better coverage than the typical industry standard policy.

Similar to offerings in German and Dutch markets, the French product will be based on the company’s signature Policy 2.0.

Policy 2.0 is an insurance document designed for people to enable them to better understand policies.

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Commenting on the move, Lemonade CEO and co-founder Daniel Schreiber said: “Home insurance is often legally required in France, which makes it a compelling opportunity for Lemonade’s next European country launch.

“While the French insurance market is one of the most developed globally, we believe that Lemonade’s unique mix of value, values, and technology will stand out to the French consumer, offering the ability to get fast, personalised, and mission-driven insurance, with a few taps.”

In France, Lemond is expected to rival with the French insurance startup Luko, which also offers home insurance offerings to both homeowners and renters.

Lemonade established its presence in Germany last year and expanded its operations to Netherlands in April this year.

Licensed and supervised by the Dutch Central Bank, Lemonade has its European headquarters in Amsterdam.