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Bestow to Power Lemonade's Life Sales

By Allison Bell

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A small picture of a woman, on a cell phone screen, over a map, and near various lines of text. Chatbot Maya will be Lemonade’s life insurance agent. (Image: Lemonade)

Lemonade Inc. has picked Bestow Inc. to help it offer life insurance.

Lemonade is a New York-based insurer that started out by selling  products like renters insurance and homeowners insurance through mobile devices.

In June 2020, Lemonade stated in documents it filed with securities regulators, that it wanted to start selling life insurance, pet insurance, and other products that might appeal to consumers who are moving into new homes.

(Related: Lemonade Files for IPO, Says It May Sell Life Insurance)

Lemonade now has teamed up to add a Lemonade Life section to its website. It uses an “application programming interface,” or web button, from Bestow to sell term life insurance.

“No medical exams” Lemonade says over the “check our prices” button. “Everything’s instant. Loved by everyone. Starting at $9/mo.”

The Bestow Agency LLC arm is acting as the insurance producer in charge of the Lemonade Life operation, according to the notes at the bottom of the life sales page.

Lemonade’s own Lemonade Life Insurance Agency is serving as a Bestow Agency sub-producer. Maya, a Lemonade system that appears to “chat” as if it were a human being, guides consumers through the application process.

Bestow Agency is helping Lemonade Life Insurance Agency sell policies written by North American Company for Life and Health Insurance, which is a subsidiary of Sammons Financial Group.

Investor Capital

Bestow Inc. announced in December 2020 that it had raised $70 million from investors. It said at the time that Sammons Financial was the biggest contributor to the $70 million pot of cash.

Around the same time, Bestow Inc. said it had agreed to acquire Centurion Life Insurance Company from Wells Fargo, for a price that was not disclosed.

— Read Bestow to Acquire Iowa-Based Insurer: Deals, on ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter.

Allison Bell

Think_Allison

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NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.