A Sip of Lemonade

Allianz’s recent investment in Lemonade, an insurer powered by artificial intelligence and behavioral economics, reinforces our commitment to digitalization...



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Allianz recently made a strategic investment in Lemonade Insurance Company, an insurer powered by artificial intelligence and behavioral economics. The partnership ties in neatly with our digitalization focus. After all, insurance technology - or insurtech for short – promises to revolutionize the industry.

Allianz SE Chief Digital Officer Solmaz Altin and Lemonade CEO and Co-Founder Daniel Schreiber on why they are excited about this partnership...

Why did you choose to partner with each other?

Solmaz Altin: We look broadly at the insurtech space and we were thrilled to see Lemonade's big ambitions. The company is looking to improve the insurance value chain and it is seeking to use technology-driven efficiencies to redefine an insurer's role in its community. Emerging technologies will bring convenience to customers and make insurers’ processes more efficient; greater efficiency and transparency will change the way people think about insurance...for the better!

Daniel Schreiber: Allianz is one of the oldest and most established global insurers. It is also strongly committed to innovation. When I met up with the Allianz team, I was impressed by how open they were to rethinking, reinventing and learning from others. It's very much in line with the culture we are trying to adopt at Lemonade.

Solmaz Altin

Where do you see this partnership going?

Daniel Schreiber: Relationships are forged over time, and this is the first meaningful step in what we hope will become a long, fruitful and strong relationship. This investment is a strong statement of faith and it goes a long way in aligning interests. I believe we will find many ways to build on that foundation over the coming months and years.

Solmaz Altin: We will look for ways to collaborate, respecting the fact that Lemonade is a small company confronting a large, challenging market in the United States. There are potential synergies and our partnership will allow us to explore our joint potential over time.

Everybody talks about disruption. What does it look like in your daily lives?

Solmaz Altin: Constructive disruption does not happen suddenly. It creeps into the nooks and crannies of business operations. Changes in the digital age occur in an exponential way. We need to look out for early signs of disruptions, recognize patterns and use these insights to build our customer solutions.

Daniel Schreiber: At Lemonade, all our customer interactions are digital.  That means that we see every transaction real-time, and we have sophisticated business intelligence systems that crunch the data and present actionable insights. These drive our day-to-day activity: telling us what features will have the greatest impact, what steps are tripping up customers, what marketing method is most effective. Once all customer engagements are digital, all decisions are driven by data.

Daniel Schreiber
Daniel Schreiber

How Lemonade app works

WHAT’S LEMONADE?

Headquartered in New York City, Lemonade Insurance Company was founded by Shai Wininger and Daniel Schreiber in 2015. In November last year, Lemonade filed for licenses in 47 U.S. states, aiming to reach 97 percent of the U.S. population. About 80 percent of the company’s customers are aged between 25 and 44 years.

Photo credit for images of Lemonade founders: Ben Kelmer

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Allianz  SE
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