WeWork faucets Lemonade to supply insurance coverage to WeLive members
WeLive is the residential offering from WeWork, providing members a fully-furnished residence, full with facilities like housekeeping, mailroom, and on-site laundry, on a versatile rental schedule. In different phrases, bicoastal staff or usually nomadic people can lease a short-term dwelling house with out worrying about all of the extras.
As a part of that bundle, WeLive is now providing Lemonade renters insurance coverage to new and present members.
WeLive at present has two places — one in New York and one in D.C. — collectively representing greater than 400 items. WeWork says that each items are almost at capability. The corporate has plans to open a 3rd location in Seattle Washington by Spring 2020.
Lemonade, in the meantime, is an up-and-coming insurance coverage startup that’s rethinking the centuries-old business. The corporate’s first huge innovation was the digitization of getting insurance coverage. The corporate makes use of a chatbot to guide potential clients by the method in below a minute.
The second piece of Lemoande’s technique is rooted within the enterprise mannequin. In contrast to incumbent insurance coverage suppliers, Lemonade takes its revenue up-front, raking away a proportion of shoppers’ month-to-month funds. The remainder, nevertheless, is put aside to meet claims. No matter goes unclaimed on the finish of the 12 months is donated to the charity of every buyer’s selection.
After all, a part of the rationale for that lofty valuation is the truth that WeWork is an actual property behemoth, with Re/Code reporting that the corporate is Manhattan’s second greatest personal workplace tenant. However past sheer sq. footage, WeWork has spent the previous few years filling its arsenal with varied service suppliers for its services store.
With 175,000 members (as of finish of 2017, in order that quantity is probably going a lot larger now), WeWork has a substantial userbase with which it might probably negotiate offers with service suppliers, from enterprise software program makers to… effectively, insurance coverage suppliers.
Lemonade is probably going just the start of WeWork’s stretch into creating a set of providers and partnerships for its residential members.