Lemonade expands product line to its second European country

US-based insurtech Lemonade is expanding operations into the Netherlands market.

This means that consumers there will now be able to access the insurtech’s content and liability cover as well as being able to file claims and be compensated via the app.

This makes it the second EU country that Lemonade has expanded into following Germany last year.

Lemonade’s co-founder and chief executive Daniel Schreiber said: “We chose the Netherlands for our next European launch due to the many requests we received from Dutch consumers asking us to come there next.

“Our unique insurance policy is not only the most transparent, affordable, and mission-driven in the market, but it’s also crafted specifically for Dutch consumers, with things such as bicycle theft coverage and more.”

Back in February it expanded its product line to pet insurance. 

Why the Netherlands?

Lemonade is licensed and supervised by the Dutch Central Bank (DNB), and has its European headquarters in Amsterdam.

The company said it chose to set up operations in the Netherlands ”for its collaborative and seasoned regulatory environment, coupled with a centralised hub of multilingual talent”.

For Netherlands residents, the insurtech’s product has the benefit of being based on Policy 2.0 which is a new insurance policy.

It is only available in the Netherlands and Germany. It is a short, easy to understand, and transparent document.

Unlike a traditional insurance model, Lemonade takes a flat fee for its operations, and gives the remaining underwriting profit to not-for-profit organisations.

The company launched its homeowners and renter’s insurance in New York in late 2016, it claims to offer insurance in 90 seconds.