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Lemonade offers renters, home, auto, pet & life insurance in the USA and parts of Europe. The company’s tech-and-AI-native foundation cuts out hefty fixed costs associated with legacy models to lower cost of service. This enables it to routinely outcompete substitutes on price. It builds on this edge by obsessively iterating on its underwriting algorithms to ensure accurate underwriting. This has enabled brisk top-line scaling with stable fixed costs for a couple of years now. For a detailed review of its latest investor day, click here.