Lemonade the insurtech startup is dipping its toes into the renters insurance market. Despite the renters (and homeowner insurance) being a very localized and regulated market, leveraging digital technologies and social media savvy Lemonade pitches home insurance, according to an article in Bloomberg.
“Sometimes insurance operates on legacy systems, which make it harder to adapt,” says David Thevenon, a partner at SoftBank Investment Advisers and a Lemonade board member. “I think the incumbents are struggling a bit to meet the new consumer standards, and this has created an opportunity for new players.”
The company is flush with funds given the recent funding round of $120 million led by Softbank.