Tokio Marine Holdings lnc. announces participation to the reinsurance programme of Lemonade, as of 7/1/2020, as the first step in a collaboration with Lemonade to explore strategic partnership.
Tokio Marine Group has been endeavouring to create new and comfortable customer touch points and to enhance operational efficiency, by leveraging on new and advanced technologies. In July 2020, Lemonade conducted a successful initial public offering on the New York Stock Exchange, trading under the symbol “LMND”. Lemonade is known as one of the most promising Insurtech startups in the U.S., and it has have grown its business and improved its underwriting results, even under ‘Covid-19’ environments. Through partnership with Lemonade, Tokio Marine aims to launch new products/services which align with the changes of behaviour and demands of customers and will explore reconstructing its business model to cope with the ‘new normal post Covid-19’.
Lemonade utilises cutting edge technologies to fully digitalise its operational process on mobile devices. For example, Lemonade provides onboarding in as few as 90 seconds and claims payment in as few as 3 minutes. The Lemonade mobile app is frequently rated number one among US homeowners and renters insurers. Lemonade is an active contributor to the society by its unique “giveback” programme.
Tokio Marine will explore collaboration themes with Lemonade such as; Technologies and design that deliver superior CX (customer experience) and UI (user interface); use of third party data for precise and risk-sensitive underwriting; efficient and prompt claims payment.