Lemonade acquires Metromile to boost automotive offering

Lemonade acquires Metromile to boost automotive offering-01

Lemonade, an AI-based insurance company, has announced that it is receiving Metromile data for mechanical learning methods after the introduction of Metromile man-made car insurance. Lemonade will receive Metromile in stock trading all of which means a fully refined amount of approximately $ 500 million, or a sum of just over $ 200 million.

Founded in 2015, Lemonade uses big data and AI to sell home and pet insurance. Metromile, founded in 2011, is in its third generation of machine learning models that use telematics data to predict risk. Lemonade launched its car insurance product, Lemonade Car, last week. Metromile data and AI models can give a new Lemonade product a more accurate price.

Lemonade will also benefit from 49 Metromile government licenses, over $ 100 million in premium in-force premium (IFP), and more than $ 250 million in balance sheet.

Read More: https://www.zdnet.com/article/insurance-ai-company-lemonade-acquires-metromile-to-boost-automotive-offering/