RTTNews | Nov 3, 2021 10:09AM EDT

10:09 Wednesday, November 3, 2021 (RTTNews.com) - Shares of insurance company Lemonade, Inc. (LMND) are rising more than 11% on the morning trade on Wednesday after the launch of Lemonade Car, the company's new auto insurance scheme, which is now available in Illinois.

Lemonade Car is designed to offer discounts and lower premium for better drivers.

Using Blender, the company's proprietary insurance operating system, Lemonade's claim advocates are able to handle more claims in a shorter period of time and with greater efficiency than traditional insurance systems, Lemonade noted.

The Lemonade app uses telematics to measure how much and how safe people drive, as well as provide 24/7 on-location roadside assistance, real time crash detection, and dispatch of emergency services.

LMND, currently at $76.15, has traded in the range of $53.49- $188.30 in the last one year.

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