Lemonade Is Operational In The Majority Of US And In 3 European Countries, Offering Insurance Products Spanning Homeowners
AI-based insurance company Lemonade Inc (NYSE: LMND) announced it now has over 1 million customers. Lemonade hit the milestone about 1,500 days after its initial launch, which is about 15-45 years faster than industry leaders like State Farm, Allstate, GEICO, and USAA. Lemonade is operational in the majority of the US and in 3 European countries, offering insurance products spanning homeowners, renters, and pet health insurance. And consumers rate Lemonade #1 across multiple platforms, citing a hassle-free digital experience with lightning-fast claim payments, high-quality customer service, and an unconflicted business model. Piper Sandler analyst Arvind Ramnani recently raised the price target on Lemonade from $71 to $105. And Ramnani is also maintaining an “Overweight” rating on the shares. Ramnani cited a discussion with Lemonade’s CFO Tim Bixby to discuss the expansion of the company across broader product sets and expansion in existing markets.
“We are particularly optimistic of Lemonade’s expansion into auto insurance, which should benefit from bundling and retention/graduation efforts (they have not alluded to timing). We remain positive on LMND, despite the acceleration over the past few weeks, as the long-term opportunity for the company warrants an expanded multiple, and Lemonade’s unique execution & differentiation,” said Ramnani via Street Insider.
This news was originally published at Pulse 2