Lemonade (NYSE: LMND) is a $1.5 billion insurance technology company. It operates in five markets: renters' insurance, homeowners' insurance, life insurance, pet insurance, and car insurance -- and it's on a mission to disrupt the industry by using artificial intelligence (AI) across its entire organization.

Lemonade's AI chatbots can autonomously write quotes for customers in under 90 seconds and pay claims in just three minutes without human intervention, eliminating many of the lengthy phone calls and delayed payouts that are common with other insurers. Plus, the company uses AI to calculate premiums to ensure the most accurate price possible for customers.

Lemonade's business achieved an important profitability milestone during the second quarter, and here's why it's a good reason to buy the stock this month with the intention of holding for the long term.

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Source Fool.com