NEW YORK--(BUSINESS WIRE)--Lemonade, the insurance company powered by artificial intelligence and behavioral economics, announced that its Giveback this year amounts to $631,540, which will be donated to 25 nonprofit organizations chosen by policyholders.
Growing more than 1,000% since the first Giveback in 2017, the impact of this year’s Giveback includes supporting 224,000 low-income students through Teach for America, distributing 42,589 packets of food to malnourished children with UNICEF, funding five water projects with charity: water - bringing safe, clean drinking water to thousands of people, funding suicide prevention support for 1,683 LGBTQ+ youth via The Trevor Project, and helping fund the ACLU’s fight in court to reunite immigrant families.
Lemonade’s Giveback will also build one of the first ever 3D-printed homes for a Latin American family in need with New Story, and sponsor a mental health support program with nonprofit To Write Love On Her Arms - offering counseling for students in 150 high-schools across the United States.
"At charity: water, our vision is to reinvent charity for a new generation,” said Scott Harrison, founder and CEO of charity: water. “That's why we're excited to partner with Lemonade, who are changing the way people and companies can give, by building impact directly into their business model."
“We are grateful for the groundswell of contributions to the ACLU that the Lemonade community has donated,” said ACLU Chief Development Officer Mark Wier. “In the face of unprecedented threats to immigrants’ rights, reproductive freedom, LGBTQ+ rights and more, we are encouraged by how people are supporting civil rights in their daily lives.”
In the Lemonade model, policyholders choose a Giveback cause when they sign up for insurance. People choosing the same cause form an invisible ‘cohort.’ Behind the scenes, each cohort’s premiums are used to pay their claims, and Lemonade then gives back any leftover money (up to 40% of premiums) to their common cause.
“The Lemonade Giveback model isn’t traditional philanthropy, nor a ‘corporate social responsibility’ program; it’s the result of an unconflicted business model - where giving back brings out the best in us all,” said Daniel Schreiber, Lemonade CEO and cofounder. “In just under three years, the Lemonade community has given back almost one million dollars, simply by choosing a cause they support when getting their insurance policy. Giveback shares the good will and good fortune of our community, and we’re deeply gratified our model and our community have proven to be so impactful for charities worldwide.”
Last year’s Giveback stood at $162,135 to 15 nonprofit organizations, while the first annual Giveback in 2017 channeled $53,174 to 14 different charities.
Learn more about the Lemonade Giveback here.
Lemonade offers homeowners and renters insurance in the United States, and contents and liability insurance in Germany, through its full-stack insurance carriers. Powered by artificial intelligence and behavioral economics, Lemonade replaces brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives underwriting profits to nonprofits selected by its community during its annual Giveback.
Lemonade is currently available for most of the United States and Germany, and continues to expand globally.
Stay in touch at @lemonade_inc or www.facebook.com/lemonade.