WeWork in Lemonade tie-up | Insurance coverage Small business

WeWork in Lemonade tie-up

WeWork, a firm that delivers shared workspaces for tech startups, has formed a partnership with insurtech Lemonade.

By the partnership, Lemonade will give renters’ insurance to the two new and existing consumers of WeWork’s WeLive household giving.

Consumers of WeLive have obtain to a completely-furnished condominium – with facilities this sort of as housekeeping, mailroom, and on-web-site laundry – via a versatile rental agenda, producing it best for those people on the lookout for a shorter-term residing place.

WeLive is at present working in two places: New York and D.C. TechCrunch reported that equally locations characterize about 400 models, and that WeWork has claimed that both are nearly at capability. The rental firm also revealed that it has designs to open a 3rd WeLive area in Seattle by Spring 2020.

Lemonade is a P&C insurance startup recognised for its business product, wherein in keeps a flat 20% of a customer’s high quality whilst utilizing the remaining 80% to fork out promises and purchase reinsurance. Any unclaimed premiums go to a nonprofit of the customer’s choice. The insurtech also makes use of AI, this kind of as chatbots and equipment finding out, to offer insurance policy policies and to tackle statements.

This is not the initial time Lemonade has partnered with a rental supplier this year in April, the insurer collaborated with Roomi – a peer-to-peer marketplace for space rentals – to give renters’ insurance policies to consumers of the web page.

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