Former Executive Assistant Superintendent for Insurance at the New York Department of Financial Services will help guide legal and regulatory strategy to a major insurtech player
NEW YORK, June 15, 2022-(BUSINESS WIRE)-Lemonade (NYSE: LMND), the social impact-powered digital insurance company, today announced the appointment of Scott Fischer as Head of Government Relations and Co-Head of Legal at Lemonade Insurance Company.
As Senior Head of Government Relations of Lemonade, Mr. Fischer will provide strategic advice on laws and regulations affecting the company and will drive strategy in relationships with key stakeholders throughout the company’s regulatory environment. insurance. In addition to serving as government relations officer, Mr. Fischer will serve as co-legal director with Bill Latza. An integral part of the Lemonade team since its inception, Mr. plans. Latza to retire at the end of the year.
“Scott helped in the early days of Lemonade as a regulator who thoroughly reviewed our business, gave us difficulty and ultimately awarded us our license! Said Daniel Schreiber, CEO and co-founder of Lemonade.” He has been a caring, impartial and demanding regulator, and his deep knowledge of insurance regulation on the one hand, and Lemonade on the other hand, makes him the perfect leader of our government engagement efforts. »
Mr. Fischer is a partner in the international law firm DLA Piper, where he represents international, national and local insurers and producers in their regulatory and compliance activities. Notably, Mr. Fischer worked with the New York Insurance Regulatory Authority for nearly 10 years, eventually becoming the leading insurance regulator serving as Executive Assistant Superintendent for Insurance at the New York State Financial Services (NYSDFS) before leave the public sector. While working at NYSDFS, Mr. Fischer led a department that oversees approximately 1,700 insurers operating in New York City, with assets in excess of $ 4 trillion.
“I’ve spent years regulating an industry that used to work the same way because, quite simply, it’s always been that way. But not with Lemonade, ”Fischer explained. “The company has challenged this orthodoxy since day one, when I gave it a license to operate in New York. It became full circle and I was finally part of the action, helping Lemonade grow and re -emerge. think of industry in a world driven by technology. »
To learn more about why Scott joined us, click here.
Lemonade offers tenants, landlords, vehicles, veterinarians, and life insurance. Powered by artificial intelligence and behavioral economics, Lemonade’s full stack insurance companies in the US and EU are replacing brokers and bureaucracies with robots and machine learning, aiming to achieve zero paperwork and in all immediate procedures. Certified B Corp., Lemonade donated an unused bounty to non-profit organizations selected by its community at its annual Giveback event. Currently available in the United States, Germany, the Netherlands, and France, Lemonade continues to expand worldwide.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that do not relate to historical facts should be considered forward-looking. statements. These statements are not promises or guarantees, but involve known and unknown risks and uncertainties, and other important factors that may cause our actual results, performance and achievements to differ from material from results, performance and achievements expressed or implied by future statements. . These include, but are not limited to: Our history of losses and the fact that we cannot achieve or maintain our profitability in the future; our ability to retain and expand our customer base; the fact that the “Lemonade” mark may not know the reputation of the owners ’marks and the risk of the mark being tarnished; denial of claims or our inability to properly and timely pay claims; our failure to realize superior value per user; the freshness of our business model and the impossibility of predicting its effectiveness and its sensitivity to unexpected consequences; the possibility that we will be forced to change or discontinue our Giveback, which could weaken our business model; targeted inspections and other investigations by our key regulators and other state insurance regulators that may result in adverse review findings and require correction; our limited operational history; our ability to effectively manage our growth; the impact of intense competition on the parts of the insurance industry in which we operate on our ability to achieve or increase our profitability; the lack of reinsurance at current levels and prices, which may limit our ability to accommodate new business; our ability to renew reinsurance contracts with terms and conditions comparable to those currently in effect; our exposure to commensurate risks due to reinsurance; loss of customer personal information, damage to our reputation and brand, or damage to our business and operational results from security incidents or actual or visible errors, failures or bugs in our systems, websites or applications; our actual or perceived failure to protect customer information and other data, respect the privacy of our customers, or comply with privacy and data security laws and regulations; our ability to comply with multiple regulations in the insurance industry and the need to incur additional costs or allocate additional resources to comply with changes to current regulations; our exposure to additional regulatory requirements specific to other vertical markets we have entered or entered, including auto insurance, pet insurance and life insurance, and the need to allocate additional resources to comply with these regulations; uncertainty about the time for completion of the proposed transaction and the ability of the parties to complete the proposed transaction; the satisfaction of the conditions prior to the conclusion of the proposed transaction; the ability to obtain the necessary regulatory approvals on a timely basis, if any; any dispute related to the proposed transaction; disruption to the current plans and operations of Metromile or Lemonade as a result of the proposed transaction; The ability of Metromile or Lemonade to attract and retain key personnel; competitive reactions to the proposed transaction; unexpected costs, fees or expenses resulting from the proposed transaction; Lemonade’s ability to successfully integrate Metromile’s operations, product line and technology; Lemonade’s ability to implement its plans, forecasts and other expectations in relation to Metromile’s business after closing the transaction and take advantage of additional opportunities for growth and innovation; Lemonade’s ability to execute the expected synergy of the proposed transaction at expected amounts and within expected time and cost, if any; the ability to maintain relationships with their respective Lemonade and Metromile employees, customers, other business partners and government authorities; as well as other risks, uncertainties and important factors contained and identified; and our inability to predict the long-term impact of COVID-19 on our business in particular, and on the global economy in general. These and other important factors are set forth in the “Risk Factors” section of our Form 10-K filed with the SEC on March 1, 2022 and in our other filings with that agency; they may cause actual results to differ materially from those indicated by the forward-looking statements contained in this press release. These future statements represent the beliefs of management to date. Although we may choose to update these statements in the future, we disclaim any obligation to do so, even if subsequent events cause us to change our views.
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