Tokio Marine : Strategic Partnership with Lemonade, Inc.PDF
October 25, 2020 at 10:30 pm EDT
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October 26, 2020
Tokio Marine Holdings, Inc.
Strategic Partnership with Lemonade, Inc.
Tokio Marine Holdings lnc. announces participation to the reinsurance program of Lemonade, Inc. ("Lemonade") as of 7/1/2020, as the first step in a collaboration with Lemonade to explore strategic partnership.
Background
Tokio Marine Group has been endeavoring 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 also improved its underwriting results, even under 'Covid-19' environments.
Through partnership with Lemonade, Tokio Marine a) aims to launch new products/services which align with the changes of behavior and demands of customers and b) will explore reconstructing its business model to cope with the 'new normal post Covid-19'.
Tokio Marine's objective of strategic partnership
Lemonade utilizes cutting edge technologies to fully digitalize 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.
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" program.
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
Company overview of Lemonade
Company name: Lemonade, Inc.
Address: New York
CEO: Daniel Schreiber
Products: Renters insurance, Homeowners insurance, Pet health insurance
In Force Premium (as of June 30, 2020): USD155m
# of employees: 387 (as of June 30, 2020)
Founded in 2015
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Tokio Marine Holdings Inc. published this content on 26 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2020 02:29:06 UTC
Tokio Marine Holdings, Inc. is a holding company organized around 3 areas of activity:
- non life insurance (50.3% of net sales);
- life insurance (14.2%);
- other (1.2%): primarily financial services.
The remaining sales (34.3%) concerns the international insurance activities.
TOKIO MARINE HOLDINGS, INC. 
