(Bloomberg) – After raising last year's largest round of seed funding, Lemonade Inc. plans to start offering insurance coverage in New York on Wednesday with the blessing of the state's regulator. Lemonade will sell homeowners and renters insurance, promising customers the ability to submit claims within minutes on their mobile devices.
The startup's rapid flight from inception to insurance sales in about a year is unusual in a traditionally slow-moving industry. Lemonade Chief Executive Officer Daniel Schreiber said he chose New York to introduce the service because he wanted to reach "the toughest jurisdiction first."
"New York is regarded as a very demanding regulator," he said. "You've got to crack the hard nut. If you manage to build a business model that passes muster with somebody as demanding as New York, then it can grow from there and hopefully grow fast."
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