Lemonade, Inc.

Lemonade, Inc. (NYSE: LMND) operates as a vertically-integrated digital insurance platform that leverages artificial intelligence, behavioral economics, and technology to deliver renters, homeowners, pet, car, and life insurance products. The company's website is www.lemonade.com.

The company has built an end-to-end technology stack that powers its insurance operations across the United States and Europe. Its core platform includes AI Maya for customer onboarding and quotes, AI Jim for automated claims processing, and CX.AI for customer service inquiries. Behind-the-scenes systems include Forensic Graph for fraud detection, Blender as an integrated management platform, and Cooper for internal automation. As of December 31, 2025, approximately 96 percent of first notices of loss are handled by AI Jim without human intervention, with roughly 55 percent of claims fully automated from start to finish.

Lemonade operates through wholly-owned insurance carriers including Lemonade Insurance Company and Metromile Insurance Company in the United States, with additional operations in Germany, the Netherlands, France, and the United Kingdom. The company is licensed to sell insurance in 50 U.S. states and Washington, D.C., and currently operates in 41 states plus D.C., representing approximately 95 percent of the U.S. population. It also holds a pan-European license enabling operations across 30 European countries.

The company serves approximately 3 million customers and employs 1,282 people as of December 31, 2025, with approximately 810 based in the United States and the remainder primarily in Israel and the Netherlands. This represents approximately 2,300 customers per employee, significantly higher than traditional competitors.

Lemonade's business model emphasizes customer alignment through its Giveback program, which donates a portion of underwriting profits to charitable causes selected by policyholders. The company utilizes proportional and non-proportional reinsurance structures to manage volatility and capital requirements. Its direct-to-consumer digital platform, with 98 percent of policies sold through AI Maya and APIs, enables rapid customer acquisition and retention while collecting extensive behavioral and risk data to continuously improve underwriting and claims processes.