US-based insurance company Lemonade is set to introduce a new product line for pets, subject to regulatory approval.
Designed exclusively for cats and dogs, the health insurance for pets uses the same principles of the company’s homeowners and renters products. The product line will also include customer service.
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Customers can also select to donate leftover premium to charitable causes.
With the launch, the company aims to cater to around two-thirds of Americans who own pets and spend around $70bn every year collectively on their care.
Lemonade co-founder and COO Shai Wininger said: “Many at Team Lemonade, myself included, are devoted pet parents, so we decided to build the dream pet health insurance product for our best friends.
“Many of us think of our pets as family members, yet so few of us take the important step of getting them health insurance.
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By GlobalData“We challenged ourselves to create a product that will close this gap and make pet health insurance affordable and accessible.”
The health insurance for pets is slated to become available later this year. Early registrations are currently open.
Lemonade leverages artificial intelligence and behavioural economics to offer homeowners and renters insurance in the US. The company also offers contents and liability insurance in Germany.
It also plans to expand to other European countries.
