Lemonade, a startup that uses chatbots and artificial intelligence to help people choose homeowners insurance, is getting ready to expand to Europe.
The company, which is backed by SoftBank, announced its expansion plans late last month, though details of the move into European homeowners insurance were light.
According to TechCrunch:
For its part, Lemonade is positioning its global expansion among the list of some of tech’s most successful names in recent years.
“Whether in Chicago, Paris, or Singapore, today’s consumers listen to music on Spotify, ride with Uber, and stay with Airbnb. Great digital brands don’t stop at the water’s edge,” Lemonade CEO Daniel Schreiber said in a press release. “That’s why going global feels so natural for us: consumers are increasingly cosmopolitan, socially aware, and tech-native – everything Lemonade was built to be.”
The age of the digital startup has certainly afforded companies a more rapid path to international success, though the list of companies cited does, perhaps unintentionally point to some of the difficulties dealing with local regulations. And insurance has enough complex nuances to put even song publishing to shame.
Daniel Schreiber, Lemonade’s CEO, tells CNBC that his company is ready to deal with regulatory complexity. According to CNBC:
“Nominally, the U.S. is a single country, but in terms of its regulatory structure its actually 50 different countries, every state is independent,” Daniel Schreiber, chief executive and co-founder of Lemonade, told CNBC in an interview Thursday.
“Europe doesn’t work that way. We’ll see what happens with the U.K. and Brexit, but certainly other members of the European bloc… you passport freely throughout Europe so you don’t need to set your sights on a particular country. ”
Lemonade, launched in September 2016 by entrepreneurs Schreiber and Fiverr co-founder Shai Wininger, touts its digital offering as a way of speeding up the process of applying for coverage, cutting out the paperwork and human agents often involved in the process.