Commissioner approves new online insurance products from Lemonade for California market
News: 2017 Press Release
SACRAMENTO, Calif. — California renters, condo owners, and homeowners have new insurance options designed specifically for today's policyholders who increasingly shop online for goods and services—including insurance. Lemonade is a technology-driven insurance company or insurtech, offering property and casualty insurance in California beginning today.
"I commend Lemonade for bringing new insurance options to the California market, where we embrace new technology and business models," said Insurance Commissioner Dave Jones in announcing approval of Lemonade for sale in California. "It's encouraging to see insurtech companies developing innovative products and business models designed to better serve the needs of Californians. We welcome more insurers and startups to join the California market."
Lemonade is a completely technology-driven insurance company offering consumers the opportunity to purchase insurance through their mobile app or on the company's website. Everything is digitized from purchasing insurance to filing claims. More insurance companies are beginning to use innovative business models designed to meet each policyholder's unique coverage needs and incorporate technology to simplify and streamline the insurance process.
"Beyond being the tech-epicenter of the world, California also has as one of the most thorough and exacting insurance regulators." said Daniel Schreiber, CEO and co-founder of Lemonade. "We're honored California gave us a license, and are incredibly excited to offer Lemonade to Californians today."
California has long led the nation in innovative products and business models. With the largest population of insurance consumers in the country, Jones has worked with companies to approve new products that meet the changing needs of consumers, and continues to encourage more insurance companies, and startups to join the California market.
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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $289 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $394 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.