Walmart recently announced it is getting into the health insurance business, and now unconventional homeowners and renters insurer Lemonade is getting into the health insurance business too – or health insurance for pets, actually.
Lemonade, the New York-based high-profile startup insurance company “powered by artificial intelligence and behavioral economics,” that set out to “replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything,” launched a pet health insurance offering on July 15.
“Now, pet parents in 33 U.S. states can get AI-powered, socially impactful coverage for their four-legged family members,” says a Lemonade statement announcing the new product.
The new insurance product, designed exclusively for cats and dogs, joins Lemonade’s homeowners and renters products, which the company touts as “a hassle-free digital experience with lightning-fast claim payments, best-in-class customer service,” and a donation of leftover premium going to animal-focused charities customers care about.
“Creating the dream pet health insurance from scratch has been a journey in design, customer experience, and empathy,” said Shai Wininger, COO and co-founder of Lemonade. “As pet parents ourselves, we found the existing options to be lacking, so we built a product for cats and dogs from the ground up. This means an insurance policy that’s short and easy to understand, and a user experience created with the pet, and their parent, at its core. We’re excited to make pet health insurance so affordable and accessible.”
Lemonade’s pet health insurance, starting at $12 per month, is available to both new and existing Lemonade customers, with the latter eligible for a discount of up to 10% off their monthly premium when they bundle their renters or homeowners policy with a pet policy.
The company says this is one of the only opportunities for consumers to bundle home insurance policies with pet health coverage.
“The U.S. pet insurance market is valued at a couple of billion dollars, and with the increasing number of pet adoptions coupled with rising veterinary costs, we believe this market can grow rapidly,” said Daniel Schreiber, Lemonade CEO and co-founder. “Lemonade’s unique take on pet health insurance couldn’t be easier, or faster. This includes getting claims paid in seconds, accessing preventative care, receiving live health and wellness recommendations, and supporting animal nonprofits all from the comfort of your phone. Few insurers offer any of these features, and none offers them all.”
The Lemonade pet health insurance product will also offer customers unique coverages to add on to their policies. A Preventative and Wellness package, designed to keep the pet healthy, includes the costs of routine wellness exams and vaccines, while the Extended Accident and Illness package expands coverages surrounding a pet’s recovery, helping to cover the costs of more advanced treatments and veterinary care.
Lemonade’s new pet health insurance product is available on lemonade.com/pet and through the Lemonade mobile apps.