New York's Former Chief Insurance Regulator Scott Fischer Joins Lemonade
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-General Counsel of Lemonade Insurance Company.
As Lemonade's first Head of Government Relations, Fischer will provide strategic counsel regarding laws and regulations impacting the company and guide strategy around relationships with key stakeholders throughout the insurance regulatory community. In addition to serving as Head of Government Relations, Fischer will serve as co-General Counsel alongside Bill Latza. Latza, who has been a core part of Lemonade's team from its very beginning, plans to retire at year end.
"Scott played a make-or-break role in Lemonade's early days, as the regulator who scrutinized our business, gave us a hard time, and ultimately gave us our license!" said Daniel Schreiber, Lemonade CEO and cofounder. "He was a thoughtful, fair minded, and exacting regulator, and his deep familiarity with insurance regulation on the one hand, and Lemonade on the other, make him the ideal leader of our government relations efforts."
Most recently, Fischer was a partner at global law firm DLA Piper, where he represented international, national, and local insurers and producers in their regulatory and compliance activities. Most notably, Fischer worked with New York's insurance regulator for nearly 10 years, ultimately becoming the top insurance regulator by serving as the executive deputy superintendent for insurance in the New York State Department of Financial Services (NYSDFS) before departing the public sector. During his tenure at the NYSDFS, Fischer led a unit supervising approximately 1,700 insurers operating in New York with assets exceeding $4 trillion.
"I spent years regulating an industry that's been operating the same way because, simply put, that's the way it's always been done. Not with Lemonade," said Fischer. "They've been challenging this orthodoxy since day one when I granted their license to operate in New York. Now things have come full circle, and I get to be part of the fun, helping Lemonade grow and reimagine the industry in a tech-first world."
Read more about why Scott joined here.
Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and behavioral economics, Lemonade's full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zeropaperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, and France, and 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 contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: Our history of losses and the fact that we may not achieve or maintain profitability in the future; our ability to retain and expand our customer base; the fact that the "Lemonade" brand may not become as widely known as incumbents' brands or the brand may become tarnished; the denial of claims or our failure to accurately and timely pay claims; our ability to attain greater value from each user; the novelty of our business model and its unpredictable efficacy and susceptibility to unintended consequences; the possibility that we could be forced to modify or eliminate our Giveback, which could undermine our business model; the examinations and other targeted investigations by our primary and other state insurance regulators that could result in adverse examination findings and necessitate remedial actions; our limited operating history; our ability to manage our growth effectively; the impact of intense competition in the segments of the insurance industry in which we operate on our ability to attain or increase profitability; the unavailability of reinsurance at current levels and prices, which could limit our ability to write new business; our ability to renew reinsurance contracts on comparable duration and terms to those currently in effect; our exposure to counterparty risks as a result of reinsurance; the loss of personal customer information, damage to our reputation and brand, or harm to our business and operating results as a result of security incidents or real or perceived errors, failures or bugs in our systems, website or app; our actual or perceived failure to protect customer information and other data, respect customers' privacy, or comply with data privacy and security laws and regulations; our ability to comply with extensive insurance industry regulations and the need to incur additional costs or devote additional resources to comply with changes to existing regulations; our exposure to additional regulatory requirements specific to other vertical markets that we enter or have entered, including auto, pet and life insurance, and the need to devote additional resources to comply with these regulations; uncertainties as to the timing of the consummation of the proposed transaction and the ability of the parties to consummate the proposed transaction; the satisfaction of the conditions precedent to consummation of the proposed transaction; the ability to obtain required regulatory approvals at all or in a timely manner; any litigation related to the proposed transaction; disruption of Metromile's or Lemonade's current plans and operations as a result of the proposed transaction; the ability of Metromile or Lemonade to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; the ability of Lemonade to successfully integrate Metromile's operations, product lines and technology; the ability of Lemonade to implement its plans, forecasts and other expectations with respect to Metromile's business after the completion of the transaction and realize additional opportunities for growth and innovation; the ability of Lemonade to realize the anticipated synergies from the proposed transaction in the anticipated amounts or within the anticipated timeframes or costs expectations or at all; the ability to maintain relationships with Lemonade's and Metromile's respective employees, customers, other business partners and governmental authorities; and the other risks, uncertainties and important factors contained and identified; and our inability to predict the lasting impacts of COVID-19 to our business in particular, and the global economy generally. These and other important factors are discussed under the caption "Risk Factors" in our Form 10-K filed with the SEC on March 1, 2022 and in our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's beliefs as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.