Lemonade Ranks #1 Among First Time Buyers
By a
The first of two Google surveys compared Lemonade's market share in renters insurance to that of other leading insurers, and pegged Lemonade's overall market share at 4.2% (E: +2.1% / -1.4%). For context: the national average market share amongst the top 10 homeowners insurance companies is 6.3%, and they've been in business, on average, for 104 years. Lemonade launched in September.
The second survey corroborated the 4% overall market share, and proceeded to break it down by when respondents first bought insurance. About 88% bought their first policy before Lemonade launched, and among them, Lemonade's share was correspondingly low (0.9%). However, among the 12% who entered the market this year, Lemonade commands a 27.6% share (E:+12.6/-9.8).
"Attaining 4% market share in a few months, in such a competitive category, is without precedent," said
110 million Americans rent their home, including 75% of under 35-year-olds, making this segment one of the largest and fastest growing in the industry.
"In the two months since Google ran these surveys, our customer base has more than doubled, and we expect that acceleration to continue," said
With Lemonade, buying insurance is done through an app in no time and with no paperwork; and unlike legacy insurers, Lemonade takes a flat fee, giving back unclaimed money to causes policyholders care about. This unique 'Giveback' program derives from studies by Lemonade's Chief Behavioral Officer, Professor
Keywords for this news article include: Lemonade.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC
BRIEF: SC man accused of setting fire to home with 7 kids inside
SUNZ Insurance Company Promotes Karen Bolinder to Chief Operating Officer
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News