Bestow to Power Lemonade's Life Sales

A small picture of a woman, on a cell phone screen, over a map, and near various lines of text.

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.

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.

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