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Israeli digital insurance coverage firm Lemonade (NYSE: LMND) at present introduced that it has launched its latest product Lemonade Automotive. The digital automobile insurance coverage product is offered in Illinois, with Tennessee coming subsequent and different US states thereafter.
The corporate mentioned that Lemonade Automotive is designed to supply higher costs for secure and low-mileage drivers, in addition to environment-friendly electrical automobiles and hybrid automobiles. The Lemonade app makes use of telematics to measure how a lot and the way secure folks drive, in addition to present 24/7 on-location roadside help, actual time crash detection, and dispatch of emergency companies.
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Prospects may even obtain important reductions when bundling with different Lemonade merchandise. The brand new automobile bundles permit new and present prospects to buy Lemonade Automotive alongside Residence, Renters, Pet, or Life merchandise and save as much as a whole bunch of {dollars} a yr.
Lemonade Automotive’s first-of-its-kind claims course of permits customers to file claims in minutes, and when wanted, get tow companies, emergency EV battery recharge, and the flexibility to trace repairs, physique store work, and extra.
Utilizing Blender, the corporate’s proprietary insurance coverage working system, Lemonade’s declare advocates are capable of deal with extra claims in a shorter time period and with larger effectivity than conventional insurance coverage techniques. Blender automates lots of the in any other case time consuming, guide processes, which interprets into happier prospects and decrease prices.
Lemonade cofounder and CEO Shai Wininger mentioned, “We stood up whole groups to deal with tows, repairs, physique store companies, in addition to assist for the 24/7 roadside help and emergency companies we now supply. Offering a best-in-class automobile claims expertise means being there in your prospects 100% of the time, with surprisingly quick service and many empathy.”
He added, “We needed to introduce a product that won’t solely reinvent how folks purchase automobile insurance coverage, handle their coverage, and file claims, but in addition do one thing good for the planet. Since we are able to’t cease utilizing automobiles simply but, we are going to assist compensate for the CO2 emitted from our prospects’ automobiles by financing reforestation on an ongoing foundation. Utilizing the telematics expertise in our app, we’re capable of estimate how a lot carbon dioxide is emitted by every trip, and plant bushes accordingly.”
The corporate’s share worth is up 6.83% at $72.71, giving a market cap of $4.462 billion.
Printed by Globes, Israel enterprise information – en.globes.co.il – on November 3, 2021.
© Copyright of Globes Writer Itonut (1983) Ltd., 2021.
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