Lemonade Surpasses 2 Million Active Customers

Lemonade (NYSE: LMND), the digital insurance company powered by AI and social impact, has announced the welcoming of its two millionth customer. The pace to achieve the second million customers was 35% faster than the first million, which was achieved in late 2020, while premium per customer increased approximately 70% over the same period. More notably, net operating loss, as compared to gross earned premium, roughly halved over the same period. Taken together, these improvements are a testament to Lemonade’s structural technological advantage and overall scalability.

A few highlights achieved as Lemonade scaled from 1 to 2 million customers:

• Lemonade Car launched with telematics-enabled auto insurance in the United States and continues rolling out across the country
• Lemonade expanded across the pond, offering contents insurance in the UK in addition to other markets in Europe
• Metromile joined the family as the company’s first acquisition
• The Company continued its work with AI, implementing large language models trained to interact with customers, creating a seamless and delightful experience along the way and so much more…

“Reaching two million customers around the world is an exciting milestone, and one we achieved much faster than our first million and with significant expansions, of both product and geography, along the way,” said Shai Wininger, cofounder and co-CEO of Lemonade. “We’ve doubled our customers while increasing our premium by 3.5x. This is indicative of the strong progression of the business in recent years, and outlines a clear path to profitability.”

More information about Lemonade’s business and progress can be found in the Q3 2023 Shareholder Letter and statutory financial statement.