INSUBCONTINENT EXCLUSIVE:
WeWork has partnered with Lemonade to provide renters insurance to WeLive members.WeLive is the residential offering from WeWork, offering
members a fully-furnished apartment, complete with amenities like housekeeping, mailroom, and on-site laundry, on a flexible rental schedule
In other words, bicoastal workers or generally nomadic individuals can rent a short-term living space without worrying about all the
extras.As part of that package, WeLive is now referring new and existing WeLive members to Lemonade for renters insurance.WeLive currently
has two locations — one in New York and one in D.C
— collectively representing more than 400 units
WeWork says that both units are nearly at capacity
The company has plans to open a third location in Seattle Washington by Spring 2020.Lemonade, meanwhile, is an up-and-coming insurance
startup that is rethinking the centuries-old industry
The company first big innovation was the digitization of getting insurance
The company uses a chatbot to lead prospective customers through the process in under a minute.The second piece of Lemoande strategy is
rooted in the business model
Unlike incumbent insurance providers, Lemonade takes its profit up-front, raking away a percentage of customers& monthly payments
The rest, however, is set aside to fulfill claims
Whatever goes unclaimed at the end of the year is donated to the charity of each customer choice.To date, Lemonade has raised a total of
WeWork, on the other hand, has raised just over $9 billion, with a reported valuation as high as $35 billion.Of course, part of the reason
for that lofty valuation is the fact that WeWork is a real estate behemoth, with Re/Code reporting that the company is Manhattan second
biggest private office tenant
But beyond sheer square footage, WeWork has spent the past few years filling its arsenal with various service providers for its services
store.With 175,000 members (as of end of 2017, so that number is likely much higher now), WeWork has a considerable userbase with which it
can negotiate deals with service providers, from enterprise software makers to… well, insurance providers.Lemonade is likely just the
beginning of WeWork stretch into developing a suite of services and partnerships for its residential members.
