John Peters, whose ‘accomplishments are exceptional in the insurance industry and unprecedented in the insuretech space,’ has been appointed as chief underwriting officer (CUO).
Peters comes to Lemonade from Liberty Mutual, where he held leadership roles including executive vice president, chief underwriting officer, and chief product officer. He was also co-head of North American underwriting practice at McKinsey & Company, and a fellow of the Casualty Actuarial Society.
Daniel Schreiber, Lemonade CEO and co-founder, said the CUO appointment of someone as accomplished as Peters shows the aims of the business.
“Lemonade has been rethinking the business models, behavioural sciences, and technologies underpinning insurance − John has what it takes to bring this level of innovation to the core of insurance: underwriting,” Schreiber said.
Peters said: “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.”
“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.”
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