Allianz has made a “strategic investment” in Lemonade, the US-based insurtech that uses an artificial intelligence platform called Maya to craft policies for clients online.

“The company is looking to improve the insurance value chain and it is seeking to use technology-driven efficiencies to redefine an insurer’s role in its community,” Allianz Chief Digital Officer Solmaz Altin said.

“We will look for ways to collaborate, respecting the fact Lemonade is a small company confronting a large, challenging market in the US.

“There are potential synergies and our partnership will allow us to explore our joint potential over time.”

Lemonade has attracted significant investor interest, including from XL Catlin-backed venture capital fund XL Innovate, which invested an undisclosed amount last year.

The insurtech’s CEO Daniel Schreiber says the partnership with Allianz “is a strong statement of faith and it goes a long way in aligning interests. I believe we will find many ways to build on that foundation over the coming months and years.”