(Image source: Allianz-Arena.com.)
Allianz (Munich) has announced that it has made a strategic investment in Lemonade (New York), the startup insurance company which describes itself as powered by artificial intelligence and behavioral economics. Allianz did not disclose the details of the investment.
“Allianz is committed to staying at the cutting edge of insurance,” comments Solmaz Altin, Chief Digital Officer, Allianz SE. “We follow the insurtech space closely and globally, and have seen nothing to match Lemonade in terms of technology, user experience and business model innovation. We’re thrilled to become a stakeholder in Lemonade, and will do what we can to accelerate their rapid expansion throughout the US and beyond.”
No Competitive Business
“Allianz is rightly regarded as one of the most forward thinking companies in our industry,” said Daniel Schreiber, cofounder and CEO at Lemonade. “Despite their unparalleled reach and resources, Allianz has no competitive business with Lemonade, and we look forward to deepening our relationship with them in the years to come.”
Allianz Health’s Digital Transformation Balances Legacy Stability with Front-End Agility
Personally, I’m rooting for Lemonade & am happy to see a company like Allianz support them. But I do think that Lemonade is going through a bit of a philosophical crisis now, trying to decide exactly what kind of insurance company it really is — & a resolution of that crisis will decide exactly what its business model really is. I argue this in some detail in Lemonade: Part Deux, https://socraticobserver.com/2017/03/08/lemonade-inc-part-deux/, if you’re interested in a slightly more contrarian take than that of Allianz…