<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Lemonade, which offers home, renters, and pet insurance, has added fellow insurtech Bestow's term life insurance coverage to its platform, <a href="https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cucHJuZXdzd2lyZS5jb20vbmV3cy1yZWxlYXNlcy9sZW1vbmFkZS1jaG9vc2VzLWJlc3Rvdy1hcy1pdHMtcGxhdGZvcm0tZm9yLWxpZmUtaW5zdXJhbmNlLTMwMTIyNTM0Ni5odG1s/5d233c18f730436f2414784fB9f987188" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cucHJuZXdzd2lyZS5jb20vbmV3cy1yZWxlYXNlcy9sZW1vbmFkZS1jaG9vc2VzLWJlc3Rvdy1hcy1pdHMtcGxhdGZvcm0tZm9yLWxpZmUtaW5zdXJhbmNlLTMwMTIyNTM0Ni5odG1s/5d233c18f730436f2414784fB9f987188&source=gmail&ust=1613566682685000&usg=AFQjCNHiAE2w1wx9ZD2xq5sSznO6e5hdQg"><u>per</u></a> PR Newswire.</p><p><img class="center" src="https://static1.businessinsider.com/image/5fec8464a644880018193cb9-2298/Lemonade average premium per customer.png" border="0" alt="Lemonade average premium per customer" data-mce-source="Insider Intelligence"></p><p>Bestow's <a href="https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cuYmVzdG93LmNvbS9hcGktcGFydG5lcnMv/5d233c18f730436f2414784fBe0420caf" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cuYmVzdG93LmNvbS9hcGktcGFydG5lcnMv/5d233c18f730436f2414784fBe0420caf&source=gmail&ust=1613566682685000&usg=AFQjCNGvbHzR7S7KlIx9QOu9Bs6IxTJPoQ"><u>Protect API</u></a> enables partner insurers to integrate its AI-powered underwritingwhich assesses a customer's application information along with external data, such as prescription and financial historyto offer coverage in minutes and without a doctor's visit. Lemonade's AI-enabled chatbot, Maya, will guide users through the application process.</p><p><a href="https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2xpZmUtaW5zdXJhbmNlLXN0YXJ0dXAtc2VjdXJlcy1zZXJpZXMtYy1mdW5kaW5n/5d233c18f730436f2414784fBbaf0da2d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2xpZmUtaW5zdXJhbmNlLXN0YXJ0dXAtc2VjdXJlcy1zZXJpZXMtYy1mdW5kaW5n/5d233c18f730436f2414784fBbaf0da2d&source=gmail&ust=1613566682685000&usg=AFQjCNFH74idJ1qfizQWVzp-WrZv4Bm3Tg"><u>Bestow's</u></a> cheap and online underwriting process will help Lemonade's latest offering stand out from traditional term life coverage. Despite pandemic health fears, US consumers are no more <a href="https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cuYnVzaW5lc3N3aXJlLmNvbS9uZXdzL2hvbWUvMjAyMDEwMTMwMDUxNDIvZW4v/5d233c18f730436f2414784fBeba49a83" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cuYnVzaW5lc3N3aXJlLmNvbS9uZXdzL2hvbWUvMjAyMDEwMTMwMDUxNDIvZW4v/5d233c18f730436f2414784fBeba49a83&source=gmail&ust=1613566682685000&usg=AFQjCNHIsvSaX9AF4jFahK0xQGFQJ6pybg"><u>motivated</u></a> to take out life insurance than they were last year, citing unaffordability and the complexity of the application process as main barriershighlighting the inadequacy of existing options.</p><p>By contrast, Bestow's coverage starts at $8 per month, compared with the $15 national average. And with most consumers confined at home amid the pandemic, its entirely digital process is far more <a href="https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2RpZ2l0YWwtb25ib2FyZGluZy1rZXktaW5zdXJlcnMtYW1pZC1wYW5kZW1pYy1hbmQtaW5zdXJ0ZWNocy1vZmZlci1ibHVlcHJpbnQtb2YtaG93LWltcHJvdmUtdGhhdC1wcm9jZXNzLXVzaW5nLWFp/5d233c18f730436f2414784fBd84c798b" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2RpZ2l0YWwtb25ib2FyZGluZy1rZXktaW5zdXJlcnMtYW1pZC1wYW5kZW1pYy1hbmQtaW5zdXJ0ZWNocy1vZmZlci1ibHVlcHJpbnQtb2YtaG93LWltcHJvdmUtdGhhdC1wcm9jZXNzLXVzaW5nLWFp/5d233c18f730436f2414784fBd84c798b&source=gmail&ust=1613566682685000&usg=AFQjCNHnyHfL-ZuttiwjmFE5hFJGm17RVw"><u>convenient</u></a> than physically going to a branch.</p><p>The integration suggests Lemonade may pursue partnerships from now on to stake a claim in other insurance sectors and boost cross-selling opportunities.</p><ul><li>Lemonade may increasingly seek like-minded partners to accelerate its expansion. Lemonade previously focused on in-house developments: It sells its <a href="https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cubGVtb25hZGUuY29tLw/5d233c18f730436f2414784fBe6adcfe6" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly93d3cubGVtb25hZGUuY29tLw/5d233c18f730436f2414784fBe6adcfe6&source=gmail&ust=1613566682685000&usg=AFQjCNF9XMBWv4vNIY4Ehau7XEpaK0FG7A"><u>own</u></a> insurance policies for home, renters, and pet insurance coverage. However, it stated in its Q3 earnings that it wouldn't underwrite term life policies, but would rather simply extend its technologyhere, its chatbotto the new offering. This is a lower-cost and more straightforward method than building in-house. Moving forward, Lemonade will likely take the same approach to quickly add new insurance verticals, partnering with other forward-looking insurtechs that also focus on AI-enabled insurance for better-priced products.</li><li>And following this partnership model will bring Lemonade closer to being a one-stop shop for all insurance needs. The insurtech added pet insurance in Q3, enabling it to cross-sell to existing customers and increase their premiums. Among those who added pet policies, the premium per Lemonade customerhow much each customer pays divided by the number of customersnearly quadrupled, <a href="https://e.insiderintelligence.com/click/22926387.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" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly9zMjQucTRjZG4uY29tLzEzOTAxNTY5OS9maWxlcy9kb2NfZG93bmxvYWRzLzIwMjAvMTEvUTMtMjAyMC1TaGFyZWhvbGRlci1MZXR0ZXIucGRmP3V0bV9zb3VyY2U9VHJpZ2dlcm1haWwmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249UG9zdCUyMEJsYXN0JTIwYmlpLWZpbnRlY2g6JTIwSW5zdXJ0ZWNoJTIwTGVtb25hZGUlMjByZXZlYWxzJTIwaW1wcm92aW5nJTIwbWFyZ2lucyUyMFlvWSUyMGluJTIwUTMlMjAyMDIwJTIwZWFybmluZ3MlMjAlN0MlMjBJbnN0YW5kYSUyMGRlYnV0cyUyMG5ldyUyMGluc3VyYW5jZSUyMG1hcmtldHBsYWNlJTIwJTdDJTIwUmFpbHNiYW5rJTIwcmFpc2VzJTIwJTI0MzdNJnV0bV90ZXJtPUJJSSUyMExpc3QlMjBGaW50ZWNoJTIwQUxM/5d233c18f730436f2414784fBdfc0f5ef&source=gmail&ust=1613566682685000&usg=AFQjCNGvgZmypCJC0ANoe9kfFvkNJunaGg"><u>per</u></a> its Q3 earnings. This latest integration will help Lemonade further increase each customer's premium earned, as the lifecycle events that involve moving from renting to homeownership and getting a pet often coincide with consumers starting to think about life insurance in their <a href="https://e.insiderintelligence.com/click/22926387.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" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22926387.4/aHR0cHM6Ly9zcGVuZG1lbm90LmNvbS9ibG9nL2xpZmUtaW5zdXJhbmNlLXN0YXRpc3RpY3MvP3V0bV9zb3VyY2U9VHJpZ2dlcm1haWwmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249UG9zdCUyMEJsYXN0JTIwYmlpLWZpbnRlY2g6JTIwSW5zdXJ0ZWNoJTIwTGVtb25hZGUlMjByZXZlYWxzJTIwaW1wcm92aW5nJTIwbWFyZ2lucyUyMFlvWSUyMGluJTIwUTMlMjAyMDIwJTIwZWFybmluZ3MlMjAlN0MlMjBJbnN0YW5kYSUyMGRlYnV0cyUyMG5ldyUyMGluc3VyYW5jZSUyMG1hcmtldHBsYWNlJTIwJTdDJTIwUmFpbHNiYW5rJTIwcmFpc2VzJTIwJTI0MzdNJnV0bV90ZXJtPUJJSSUyMExpc3QlMjBGaW50ZWNoJTIwQUxM/5d233c18f730436f2414784fB16640f65&source=gmail&ust=1613566682685000&usg=AFQjCNHs6chIyL_V36T7XCyDX-kw4pdY0Q"><u>mid-30s</u></a>. And it will likely assess future partners for the same cross-selling benefits.</li></ul><p><strong><em>Want to read more stories like this one' Here's how you can gain access:</em></strong></p><ol><li>Join other Insider Intelligence clients who receive this Briefing, along with other Fintech forecasts, briefings, charts, and research reports to their inboxes each day. <a href="https://www.insiderintelligence.com/become-a-client/'IR=T&itm_source=businessinsider&itm_medium=content_marketing&itm_campaign=briefing_post&itm_content=bottom_bullets&itm_term=enterprise_text_link-lemonade-added-bestow-term-life-insurance-coverage-2021-2">>> <strong>Become a Client</strong></a></li><li>Explore related topics more in depth. <a href="https://store.businessinsider.com/collections/fintech'IR=T&itm_source=businessinsider&itm_medium=content_marketing&itm_campaign=briefing_post&itm_content=bottom_bullets&itm_term=store_text_link-lemonade-added-bestow-term-life-insurance-coverage-2021-2">>> <strong>Browse Our Coverage</strong></a></li></ol><p><em>Current subscribers can access the entire Insider Intelligence content archive <a href="https://subscriptions.emarketer.com/">here</a>.</em></p><p><a href="https://www.businessinsider.com/lemonade-added-bestow-term-life-insurance-coverage-2021-2#comments">Join the conversation about this story »</a></p>
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