Former Executive Assistant Superintendent for Insurance at the New York Department of Financial Services will help guide legal and regulatory strategy at a major insurtech player
NEW YORK, June 15, 2022–(BUSINESS WIRE)–Lemonade (NYSE: LMND), the digital insurance company powered by social impact, today announced the appointment of Scott Fischer as Head of Government Relations and Co-Chief Legal of Lemonade Insurance Company.
As Lemonade’s Senior Head of Government Relations, Mr. Fischer will provide strategic advice regarding laws and regulations impacting the company and drive strategy around relationships with key stakeholders across the company’s regulatory environment. insurance. In addition to serving as government relations officer, Mr. Fischer will serve as co-legal director alongside Bill Latza. An essential part of the Lemonade team since its inception, Mr. Latza plans to retire at the end of the year.
“Scott was instrumental in the early days of Lemonade as a regulator who thoroughly analyzed our business, gave us a hard time 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 intimate knowledge of insurance regulation on the one hand, and Lemonade on the other, makes him the ideal leader of our relationship efforts with the government. »
Mr. Fischer was a partner at the international law firm DLA Piper, where he represented international, national and local insurers and producers in their regulatory and compliance activities. Most notably, Mr. Fischer worked with the New York Insurance Regulatory Authority for nearly 10 years, eventually becoming the top insurance regulator serving as Executive Assistant Superintendent for Insurance in the Department of New York State Financial Services (NYSDFS) before leaving the public sector. While working at NYSDFS, Mr. Fischer led a department overseeing approximately 1,700 insurers operating in New York, with assets exceeding $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 granted it its license to operate in New York. It’s come full circle and I’m finally part of the action, helping Lemonade grow and rethink the industry in a technology-driven world. »
To learn more about why Scott joined us, click here.
Lemonade offers renters, landlords, auto, veterinarian, 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 bureaucracy with robots and machine learning, aiming to achieve a zero paperwork and with all instant procedures. Certified B Corp, Lemonade donates unused bounty to non-profit organizations chosen by its community at its annual Giveback event. Currently available in the United States, Germany, the Netherlands, and France, Lemonade continues to expand globally.
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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 could cause our actual results, performance and achievements to differ materially from the results, performance and achievements future expressed or implied by forward-looking statements. They include, but are not limited to: Our history of losses and the fact that we may not 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 with each user; the novelty of our business model and the impossibility of predicting its effectiveness and its sensitivity to unintended consequences; the possibility that we may be forced to modify or discontinue our Giveback, which could weaken our business model; targeted inspections and other investigations by our primary regulators and other state insurance regulators that may result in adverse review findings and require corrective action; our limited operating history; our ability to effectively manage our growth; the impact of intense competition in the segments of the insurance industry in which we operate on our ability to achieve or increase our profitability; the unavailability of reinsurance at current levels and prices, which could limit our ability to accept new business; our ability to renew reinsurance contracts with terms and conditions comparable to those currently in effect; our exposure to counterparty risks due to reinsurance; loss of personal customer information, damage to our reputation and brand, or harm to our business and operating results from security incidents or actual or perceived errors, failures or bugs in our systems, website or application; 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 numerous regulations in the insurance industry and the need to incur additional costs or allocate additional resources to comply with changes to existing regulations; our exposure to additional regulatory requirements specific to other vertical markets we enter or have entered, including auto insurance, pet insurance and life insurance, and the need to allocate additional resources to comply to these regulations; uncertainties as to the timing for the completion of the proposed transaction and the ability of the parties to complete the proposed transaction; the satisfaction of the conditions precedent to the conclusion of the proposed transaction; the ability to obtain required regulatory approvals on a timely basis, if at all; any dispute relating to the proposed transaction; disruption of Metromile’s or Lemonade’s current plans and operations as a result of the proposed transaction; Metromile’s or Lemonade’s ability 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 lines and technologies; Lemonade’s ability to implement its plans, forecasts and other expectations with respect to Metromile’s business after closing of the transaction and to take advantage of additional opportunities for growth and innovation; Lemonade’s ability to realize the anticipated synergies of the proposed transaction in the amounts expected and within the expected time and cost, if at all; the ability to maintain relationships with Lemonade’s and Metromile’s respective employees, customers, other business partners and governmental authorities; as well as the other risks, uncertainties and important factors contained and identified; and our inability to predict the lasting effects of COVID-19 on our business specifically, and on the global economy generally. These and other important factors are set forth under the heading “Risk Factors” in our Form 10-K filed with the SEC on March 1, 2022 and in our other filings with that agency; they could cause actual results to differ materially from those indicated by the forward-looking statements contained in this press release. These forward-looking statements represent the beliefs of management as of the date hereof. Although we may choose to update these forward-looking 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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