Lemonade has revealed that Scott Fischer, New York’s former Executive Deputy Superintendent for Insurance, has joined as the insurtech startup’s first Head of Government Relations.
He will also serve as the co-General Counsel for Lemonade Insurance alongside Bill Latza, who plans to retire at the end of the year.
As the company’s new top lobbyist and lawyer, Fischer will help guide Lemonade’s legal and regulatory strategy. In his capacity as Head of Government Relations, Fischer will provide strategic counsel regarding laws and regulations impacting the company and guide strategy around critical relationships throughout the insurance regulatory community.
Before taking on his new role at the AI-powered, full-stack insurance company, Fischer was a partner at multinational law firm DLA Piper, where he represented insurers in their regulatory and compliance activities. He also worked with New York’s insurance regulator for almost a decade, ultimately becoming New York State’s top insurance regulator. While at the New York State Department of Financial Services, Fischer oversaw approximately 1,700 insurers with over $4 trillion in cumulative assets, including Lemonade.
“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,” Lemonade co-CEO and cofounder Daniel Schreiber stated.
In the hiring announcement, Schreiber called Fischer “a thoughtful, fair minded, and exacting regulator,” and remarked that his familiarity with insurance regulation and Lemonade makes him the “ideal leader of our government relations efforts.”
In the first quarter of 2022, Lemonade generated $44.3 million in total revenue, up from $20.8 million in the first quarter of 2021. Lemonade expects that its full-year 2022 revenue will grow approximately 60% year-over-year to $205 million to $208 million on the back of its $500 million acquisition of Metromile, a data science company focused on auto insurance, which is expected to close in the second quarter of 2022.
News of Fischer’s hiring comes as global insurtech markets are seemingly entering a slowdown. In the first four months of 2022, global insurtech startups attracted $2.2 billion in funding, putting the industry on pace to fall short of the $15.8 billion it collectively raised in 2021. This slowdown in new funding has had tangible impacts and New York-based Policygenius was forced to lay off 170 staff members.