Lemonade Introduces Health Insurance Product For Dogs And Cats (LMND)

By Amit Chowdhry ● July 16, 2020
  • Lemonade Inc (NYSE: LMND) — the insurance company powered by artificial intelligence and behavioral economics — announced this week that it launched pet health insurance

Lemonade Inc (NYSE: LMND) — the insurance company powered by artificial intelligence and behavioral economics — announced this week that it launched pet health insurance. So pet parents in 33 states are able to get AI-powered and socially impactful coverage for their four-legged family members.

The new insurance product, designed specifically for dogs and cats, will be joining Lemonade’s homeowners and renters products. The products offer a hassle-free digital experience with rapid claim payments, solid customer service, and a donation of leftover premium going to animal-focused charities.

Lemonade’s pet health insurance (starting at $12 per month) is available for both new and existing Lemonade customers. And existing Lemonade customers are eligible for a discount of up to 10% off their monthly premium when they bundle their renters or homeowners policy with a pet policy. Interestingly, this is one of the only opportunities for consumers to bundle home insurance policies with pet health coverage.

The Lemonade pet health insurance product offers customers unique coverages to add on to their policies. A Preventative and Wellness package is designed to keep the pet healthy and it includes the costs of routine wellness exams and vaccines while the Extended Accident and Illness package expands coverages surrounding a pet’s recovery thus helping to cover the costs of more advanced treatments and veterinary care.

The Lemonade pet health insurance product is available on lemonade.com/pet and through the Lemonade mobile apps.

Key Quotes:

“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.”

— Daniel Schreiber, Lemonade CEO and co-founder

“Creating the dream pet health insurance from scratch has been a journey in design, customer experience, and empathy. As pet parents ourselves, we found the existing options to be lacking, so we built a product for cats and dogs from the ground up. This means an insurance policy that’s short and easy to understand, and a user experience created with the pet, and their parent, at its core. We’re excited to make pet health insurance so affordable and accessible.”

— Shai Wininger, COO and co-founder of Lemonade