Lemonade has entered a deal to acquire Metromile, the insurtechs announced late Monday.
Under the terms of the transaction, Metromile shareholders will receive Lemonade common shares at a ratio of 19:1.
Metromile has been refining its
"[Metromile] have been down this road already, and their proprietary data and machine learning algorithms can transform Lemonade Car by collapsing time, flattening risk, and increasing efficiency," Lemonade CEO Daniel Schreiber said in a blog post.
Raju Seetharaman, CTO of the U.S. unit of the U.K.-based financial services and life insurance firm, is bringing experience gained with the parent company to expand based on digital transformation of its technology.
New operational efficiencies will drive time and cost savings that can be passed onto customers.
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