*By Conor White* Lemonade, the insurance startup that uses A.I. and chatbots to pay claims within seconds, saw exponential growth in the U.S. in 2018, but the company is setting its sights on Europe for its next phase of expansion. "We've decided that if people in Berlin, and Tokyo, and New York are using Spotify ($SPOT), and Netflix ($NFLX), and Uber, why not Lemonade?" CEO and co-founder Daniel Schreiber asked in an interview on Cheddar. The burgeoning company's tech-driven approach has caught the attention of some of its more traditional competitors. That includes State Farm, which [released an ad in October](https://youtu.be/KIWfc9aI1YI) poking fun at artificial intelligence and robots, a not-so-thinly veiled dig at the startup. But Schreiber said he didn't mind the mockery. "We found it remarkable that ... the largest insurance company in the nation, that \[is\] a thousand times bigger than Lemonade, would spend millions of dollars taking us on," Schreiber said. "I really found that interesting and deeply flattering honestly." The company even took the unusual step of paying to promote the ad online. "They're mocking us," Schreiber explained, "but I really think it's a bit of a boomerang that comes back and hurts them much more than it hurts us." The CEO highlighted some of Lemonade's 2018 accomplishments, including $57 million in sales and increasing the number of homes it insures by more than 300,000. But Schreiber said he is proudest of his company's reputation with customers. "You go now to any of the consumer ratings sites, and you'll find that USAA and Lemonade compete for the number one spot in terms of customer satisfaction," he said. "Growing fast is fabulous," he said, "but if you do it at the expense of customer satisfaction, that's a price not worth paying." For full interview [click here](https://cheddar.com/videos/lemonade-insurance-plans-european-expansion).

Share:
More In Business
Nestlé dismisses CEO after he has relationship with a subordinate
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Load More