Former Deputy Executive Superintendent for Insurance in the New York Department of Financial Services helps guide legal and regulatory strategy for a major player in the insurtech industry
NEW YORK, June 15, 2022– (BUSINESS WIRE) – Lemonade (NYSE: LMND), a social impact-powered digital insurance company, today announced the appointment of Scott Fischer as head of government relations and legal director of Lemonade Insurance Company.
While the first person in charge of relations with the Lemonade government, M. Fischer provides strategic advice on the laws and regulations that influence society and the orientation of the strategy around the relations with the main parties involved throughout the regulatory environment. insurance. In addition to serving as a Government Relations Officer, Mr. Fischer served as Legal Co-Director alongside Bill Latza. An essential part of Lemonade’s team since its inception, Mr. Latza plans to retire at the end of the year.
“Scott played a key role in the beginning of Lemonade, while the regulator analyzed the details of the activities, gave us the detention thread and finally granted us the license! Said Daniel Schreiber, CEO and co-founder of Lemonade. “He has been an attentive, impartial and demanding regulator, and his knowledge over time of the regulation of insurance on the one hand, and of Lemonade on the other, the fact that he is the ideal leader of our efforts in relations with the government. »
Mr. Fischer has been associated with DLA Piper International Law Firm, where he has represented international, national and local insurers and producers in their regulatory and compliance activities. More specifically, Mr. Fischer worked with the New York Insurance Regulatory Authority for nearly 10 years, eventually becoming the largest insurance regulator by serving as the Deputy Executive Superintendent of Insurance. New York State Department of Financial Services (NYSDFS) before giving up the public sector. While working at NYSDFS, Fischer led a department overseeing about $ 1,700 in New York-based insurers, with assets in excess of $ 4 trillion.
“I’ve spent years regulating an industry that works the same way, because it’s always been that way.” But not with Lemonade, ”Fischer said. “Society has challenged this orthodoxy since day one, when I will be licensed to operate in New York. The loop is now closed and I am finally part of the action, helping Lemonade grow and rethink the industry in a technology-driven world. »
To find out more about why Scott understood you, click here.
Lemonade offers insurance for tenants, homeowners, automobiles, veterinarians, as well as life insurance. Based on artificial intelligence and behavioral economics, Lemonade’s full-stack insurance companies in the United States and the EU are replacing brokers and bureaucracy with robots and machine learning. zero paperwork and with all instant procedures. Certified B Corp, Lemonade donates unused bonuses to nonprofits 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.
Check out @lemonade_inc on Twitter for company news.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These do not constitute promises, guarantees, risks and uncertainties, knowledge and unconsciousness, and other important factors. , capable of making variations, results, performances and real achievements through the ratio of results, performances and achievements. expressed or implied in the 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 clientele; the fact that the trademark “Lemonade” may not be known for the trademark of the holders and the risk that the trademark may be tarnished; the refusal of applications or our inability to pay claims properly and in a timely manner; our inability to achieve superior value with each user; the novelty of our business model and the inability to predict its effectiveness and sensitivity to unexpected consequences; the possibility that we may be forced to change or stop our Giveback could affect our business model; targeted inspections by our main regulators and other state insurance regulators that may lead to unfavorable reviews 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 this 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 force; our exposure to counterparty risk due to reinsurance; loss of personal information about customers, damage to our reputation and brand, or damage to our business and results of operations as a result of security incidents or actual or perceived errors, failures or bogues in our systems, website or application; notre incapacité real or perçue to protect customer information and other data, to respect the privacy of our customers, or to comply with the laws and regulations regarding privacy and data security; our ability to comply with the many 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, in particular car insurance, veterinary insurance and life insurance, and the need to allocate additional resources to us comply with these regulations; uncertainties about the timing of the completion of the proposed transaction and the ability of the parties to complete the proposed transaction; the satisfaction of the preconditions for the conclusion of the proposed transaction; the ability to obtain the required regulatory approvals in a timely manner, or not 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; the ability of Metromile or Lemonade to attract and retain key personnel; less competition response to the proposed transaction; unexpected costs, expenses 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 focus on Metromile’s post-transaction and profit-taking opportunities for additional growth and innovation opportunities; Lemonade’s ability to perform the anticipated synergies of the proposed transaction following the planned amounts and within the timeframe and costs, or not at all; the ability to maintain relationships with Lemonade and Metromile’s respective employees, customers, other business partners and government authorities; as well as other happy, identified risks and uncertainties and important factors; and our inability to prevent the lasting effects of COVID-19 in activities in particular and in the world economy in general. These and other factors are set out in the “Risk Factors” section of our Form 10-K filed with the SEC on March 1, 2022 and in other documents filed with that body; they may cause actual results to differ materially from those set forth in the forward-looking statements contained in this press release. These forward-looking statements represent management’s beliefs as of the date hereof. Although we may decide to update these forward-looking statements at a later date, we disclaim any obligation to do so, even if later events lead us to change our perspective.
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