Lemonade Files for IPO, Says It May Sell Life Insurance
June 9, 2020 by Allison Bell
Lemonade Inc. — a company that has started out by selling renters and homeowners insurance through mobile devices — says in its registration statement for an initial public offering (IPO) that it’s thinking about offering life insurance.
The New York-based insurer says it already owners a life insurance agency, Lemonade Life Insurance Agency LLC of Delaware.
“As our customers move up the economic ladder and through lifecycle events, their insurance needs evolve to higher value products: renters continuously acquire more property and frequently upgrade to successively larger homes,” Lemonade says in the registration statement. “Growing households often need life insurance or pet insurance. These progressions regularly trigger orders of magnitude jumps in insurance premiums. We aim to provide an unmatched user experience in order to retain customers throughout their lifespan, expanding their lifetime value without incurring any incremental costs of acquisition.”