This milestone was reached 35% faster than the initial million, accomplished in late 2020. During this period, the premium per customer saw a remarkable increase of approximately 70%.
Notably, the net operating loss, relative to gross earned premium, was halved, underscoring Lemonade’s technological prowess and scalability.
Key achievements during the expansion from one to teo million customers include the launch of Lemonade Car, featuring telematics-enabled auto insurance in the United States.
The company has also extended its services to the UK, offering contents insurance alongside expansion into other European markets.
Noteworthy developments include the addition of Metromile through the company’s first acquisition. Lemonade has continued to enhance customer interactions through the implementation of large language models powered by artificial intelligence, ensuring a seamless and delightful experience for users.
Shai Wininger, cofounder and co-CEO of Lemonade, said: “Reaching two million customers around the world is an exciting milestone, and one we achieved much faster than our first million and with significant expansions, of both product and geography, along the way.”
He added: “We’ve doubled our customers while increasing our premium by 3.5x. This is indicative of the strong progression of the business in recent years, and outlines a clear path to profitability.”
Author: Joanna England