Lemonade, Metromile | August 01, 2022
Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the closing of the acquisition of car insurance provider Metromile. Metromile shareholders received 7.3 million LMND shares, while Lemonade received a business with over $155m in cash, over $110m in premiums, an insurance entity licensed in 49 states, and a team unsurpassed in harnessing precision data for auto insurance.
“We launched Lemonade Car a few months ago, and believe it’s the most delightful product on the market. We also believe auto insurance is challenging for newcomers and disadvantaged by a lack of data which is why we bought Metromile,” said Shai Wininger, Lemonade co-CEO and cofounder.
“We launched Lemonade Car a few months ago, and believe it’s the most delightful product on the market. We also believe auto insurance is challenging for newcomers and disadvantaged by a lack of data which is why we bought Metromile,” said Shai Wininger, Lemonade co-CEO and cofounder. “For ten years, Metromile’s intricate sensors monitored billions of miles of driving, while their AI cross-referenced this data with hundreds of thousands of claims, to accurately score each tap of the brake and turn of the wheel. We believe that adding these models into the Lemonade Car platform will make the most delightful car insurance also the most competitive, precise, and fair. That’s why we’re so excited to welcome Metromile into the Lemonade family.”
Most Metromile employees will transition to roles at Lemonade, and Metromile CEO, Dan Preston, has assumed the role of Senior Vice President of Strategic Initiatives.
“It’s hard to imagine a better home for Metromile than Lemonade. While Metromile was at the forefront of using big data and AI in car insurance, Lemonade forged a parallel path for several complementary lines of insurance. That makes for a powerful combination,” said Dan Preston, SVP Strategic Initiatives, Lemonade. “The upshot is that Metromile’s mission to connect the world to personalized insurance receives a big boost today. While the Metromile brand will sunset over time, its promise to consumers will be realized bigger, better, and sooner now that we’ve joined forces.”
The Metromile app and brand will continue in-market until all customers can be seamlessly transitioned to the Lemonade app and brand. Metromile common stock will cease trading on NASDAQ today.
Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, and France, and continues to expand globally.
Cognizant and AXA | August 04, 2022
Cognizant today announced that it has been selected by AXA UK & Ireland as a technology partner to help consolidate, modernize and manage part of its IT operations. AXA UK & Ireland is transforming its technology ecosystem to create a more digitally-enabled, modern and agile IT environment that is data-rich, secure and sustainable with lower overall cost.
Under the new multi-year agreement, Cognizant will provide multi-faceted managed services and cloud migration services, helping AXA UK & Ireland to create a platform to continually improve its customer experience with more intuitive and secure digital channels. Cognizant will provide integrated IT services spanning service desk support and maintenance, end-user computing, application development and maintenance, cloud operations, and IT infrastructure management.
"AXA UK & Ireland's priority is providing customers with the choice and flexibility that meets their insurance needs. The foundation to deliver that is a modern, digital IT infrastructure that enables us to make data-driven business decisions, Cognizant's track record, expertise and behaviors in helping organizations simplify delivery and manage IT environments were the primary factors in choosing them as a technology partner."
-Shali Vasudeva, chief operating officer, AXA UK & Ireland
Digitally-enabled IT is critical for delivering better customer experience, bringing innovations to market faster and reducing overall cost, We're honored to have been selected by AXA UK & Ireland to help transform their legacy environment and to support them in enabling technology to achieve better business outcomes. This new partnership builds on our strong momentum as a leader in helping global insurance clients meet their ambitions,said Rob Walker, president, Global Growth Markets, Cognizant.
Global analyst firms continually recognize Cognizant for its industry leadership across sectors. Analysts highlight the company's client partnerships, scalability, digital capabilities and expertise as key drivers of Cognizant's leadership. Learn more about Cognizant's insurance services here.
We’re continuously striving to make your life better and safer. We work tirelessly to turn innovations into improvements in people’s lives, by exploring, learning and playing with new ideas. Because we always believe things can be better. That’s why we support visionary startups shaping the future of healthcare technology, research to help people live longer healthier lives and even driverless car projects to revolutionise road safety. We challenge the way things are. We push boundaries. And the reason for this uncompromising approach - to help make our customers’ lives better and safer.
Cognizant engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life.
Relation Insurance Services | July 20, 2022
Relation Insurance Services (“Relation”), one of the largest and fastest-growing national insurance agencies, announced today it acquired the assets of Maryland-based Insurance, Inc. Terms of the transaction were not disclosed.
Insurance, Inc. provides personal and commercial lines insurance solutions and employee benefits to clients throughout Maryland and is headquartered in Owings, MD. Amir Krell and Tracy Sutton will continue to lead Insurance, Inc. under Relation going forward.
“We are excited to welcome Amir, Tracy and the entire Insurance, Inc. team to Relation,” said Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation.
“We are excited to welcome Amir, Tracy and the entire Insurance, Inc. team to Relation,” said Tim Hall, Executive Vice President and Head of Mergers and Acquisitions for Relation. “Insurance, Inc. has provided high-quality insurance services in Maryland, and their diverse offerings of commercial, personal and employee benefits insurance solutions will be an excellent fit at Relation.”
About Relation Insurance Services
Relation Insurance Services is an insurance brokerage that offers superior risk-management and benefits-consulting services across the United States. It is ranked by Insurance Journal within the top 35 largest agencies in the country by revenue and has approximately 1,200 employees across more than 125 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology. Visit www.relationinsurance.com for more information.