The insurer is powered by AI and allows Dutch customers to obtain contents and liability insurance instantly from their personal devices.

Last year, Lemonade started operating in Germany, after launching in New York in 2016 with homeowners and renters’ insurance.

Unlike the traditional insurance model, Lemonade takes a flat fee for its operations and gives remaining profit to non-profits.

Daniel Schreiber, Co-Founder and CEO of Lemonade, said: “We chose the Netherlands for our next European launch due to the many requests we received from Dutch consumers asking us to come there next. Our unique insurance policy is not only the most transparent, affordable and mission-driven in the market, but it’s also crafted specifically for Dutch consumers, with things such as bicycle theft coverage and more.”

The Dutch product is based on the company’s Policy 2.0, which is currently only available in Germany and the Netherlands. The company described this model as ‘a short, easy to understand, and transparent document designed for ordinary people and not for lawyers, a consumer-friendly departure from the dense and dated policies that dominate the market’.

Lemonade is licensed and supervised by the Dutch Central Bank and has its European headquarters in Amsterdam. The company said it chose to set up operations in the Netherlands for its collaborative and seasoned regulatory environment.