Lemonade, the insurance company powered by artificial intelligence and behavioral economics, today launched its public API, allowing anyone to seamlessly offer Lemonade policies through their apps or websites.
Through its API platform, Lemonade will initially offer developers access to its renters, condo, and homeowners insurance, and expand the API as the company introduces new insurance products to market. Commerce sites, real estate apps, financial advisors, bots, IoT and smart home products will now be able to complement their offering with insurance, allowing their customers instant coverage and a hassle-free experience without ever leaving their app or website.
"It takes years to pull together the licenses, capital and technology needed to offer insurance instantly through an app, which is why it's almost nonexistent. Today's API launch changes that. Anyone with a slight familiarity with coding can now include these capabilities in their app, in a matter of hours," said Shai Wininger, Lemonade Co-founder and Chief Lemonade Maker. "We call on startups and entrepreneurs to use our platform to add insurance-related products and features to their apps and websites. We can't wait to see what entrepreneurs will create using our new API."
Lemonade's API is also ideal for established businesses such as real estate companies, mortgage originators, ecommerce sites and lifestyle brands to offer insurance to their customers, as a means to insure their residents or provide coverage for their valuable products.
Today's API launch comes on the heels of Lemonade's one year anniversary. Since its September 2016 launch in New York, the company has expanded to California, New Jersey, Illinois and Texas, and has been licensed - and will launch soon - in 15 more states, reaching more than 50% of the population. Most recently, Lemonade launched its Zero Everything product, offering new and existing Lemonade members a 'zero deductible' upgrade, so they can make up to two claims each year with absolutely no deductible payments and no rate hikes.
Customers can buy homeowners and renters insurance in seconds at lemonade.com, or through the Lemonade app, and choose a cause to 'Giveback' to. In addition to digitizing the entire insurance process, Lemonade reduces costs and bureaucracy through giving. In a reversal of the traditional insurance model, Lemonade takes a flat 20% fee and treats premiums as belonging to the insured, not the insurer, returning unclaimed money during its annual 'Giveback.' Giveback is a unique feature of Lemonade, where each year leftover money ('underwriting profit') is donated to a cause customers care about.
Users can apply for early access to become one of the first Lemonade API partners here: www.lemonade.com/api .
Lemonade Insurance Company is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade aims for zero paperwork and instant everything. As a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade is currently available in New York, California, New Jersey, Texas, and Illinois, and licensed in 14 more states, and looks to expand nationwide.