NEW YORK, October 10, 2016 /PRNewswire/ --
Lemonade, the new insurance company, today announced the appointment of John Peters as its Chief Underwriting Officer.
Peters' accomplishments are exceptional in the insurance industry, and unprecedented in the Insurtech space. He comes to Lemonade from Liberty Mutual, where he held leadership positions including Executive Vice President, Chief Underwriting Officer and Chief Product Officer. Peters previously served as co-head of North American Underwriting practice at McKinsey & Company, and was a Fellow of the Casualty Actuarial Society.
"Having a Chief Underwriting Officer as accomplished as John is a game changer" said Daniel Schreiber, CEO and co-founder. "Lemonade has been rethinking the business models, behavioral sciences and technologies underpinning insurance - John has what it takes to bring this level of innovation to the core of insurance: underwriting."
Peters joins the all-star insurance team in Lemonade's New York office, including Ty Sagalow, formerly President of Product at AIG; James Hageman, formerly SVP Claims at ACE; and Ron Topping, formerly Head of P&C Financial Planning and Analyses at AIG.
"From an underwriting perspective, Lemonade has capabilities that have not been seen before. During its first 24 hours of operation, for example, Lemonade collected half a million data points from consumers. This opens underwriting possibilities that its 100-year-old-competitors simply don't have." said John Peters, Chief Underwriting Officer. "It's not that incumbents don't see change coming - it's that overnight, their culture, business model and legacy systems turn from assets to handicaps."
Last month, Lemonade announced it had been licensed as a full-stack insurance carrier by New York State. In addition to digitizing the entire insurance process, Lemonade introduces a reversal of the traditional insurance model, returning unclaimed money to causes policyholders care about during its annual 'Giveback'. Residents of New York State can now buy a new policy or painlessly switch from an existing one at http://www.lemonade.com or through the Lemonade app.
Read more about why John joined Lemonade at lemonade.com/johnpeters
Lemonade is a newly licensed insurance company for homeowners and renters. By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything. And as a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc.