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Lemonade, the insurance company powered by artificial intelligence and behavioral economics, announced it has elected two new members to its board of directors, Irina Novoselsky and Silvija Martincevic, effective immediately.
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Lemonade Names Irina Novoselsky and Silvija Martincevic to Its Board of Directors (Photo: Business Wire)
Irina Novoselsky is a seasoned technology executive, with a strong record of driving growth and operational efficiency for complex, global organizations. She is currently the Chief Executive Officer and member of the Board of CareerBuilder, a global talent acquisition media and SaaS business. Previously she served as the President of Novitex Enterprise Solutions, a technology outsourcing business. Prior to Novitex, Irina was an investment professional at Apollo Global Management in the Private Equity Group and an investment banker in the M&A Group at Morgan Stanley.
"I’ve focused much of my career leveraging disruptive technologies to create better customer experiences. Lemonade’s frictionless user experience and modern business model challenging the status quo is a natural alignment," Novoselsky shared. "I look forward to working with Daniel, Shai, and the Lemonade board and leadership team to contribute to the future success of this growth company."
Silvija Martincevic is the Chief Commercial Officer of Affirm, a payments technology company dedicated to building honest financial products that improve lives. At Affirm, she is responsible for commercial, partnership, and marketing strategy. Prior to her current role, from 2011 until 2018, Silvija served in a variety of leadership positions at Groupon including Chief Operating Officer and Chief Marketing Officer of Groupon’s international business across Europe, Asia, and Australia. Silvija also spent a decade in the investment management industry where she founded her own company focused on socially-responsible equity investments.
"I am a firm believer that companies can have a mission and product that prioritize the consumer while yielding strong business results, and Lemonade is a prime example," said Martincevic. "I am excited to join the company’s Board of Directors and look forward to working with the wider Lemonade team in supporting the company’s continued growth."
The two new board members replace Haim Sadger and Tom Hutton, who stepped down today after serving on Lemonade’s board since its earliest days. Both Haim and Tom brought to Lemonade exceptional insight and depth of experience, and their dedication to the company is greatly appreciated.
"Irina and Silvija each bring a wealth of experience, knowledge, and consumer and financial know-how, and we’re thrilled to welcome them to the Lemonade board," said Daniel Schreiber, Lemonade CEO and cofounder. "We’re also hugely grateful to Haim and Tom for their years of support, wisdom, and friendship. Lemonade would not have gotten as far as we have if it weren’t for them."
Along with Irina and Silvia, Lemonade’s current board is comprised of Lemonade cofounders Daniel Schreiber and Shai Wininger, Joel Cutler (Cofounder, Managing Director, General Catalyst Partners), Michael Eisenberg (Partner, Aleph), Shu Nyatta (Managing Partner, Softbank Group International), and Caryn Seidman-Becker (Chairman & CEO, CLEAR).
Lemonade offers renters, homeowners, 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 zero paperwork 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.
Stay in touch at @lemonade_inc or email@example.com
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 results of examinations by our primary state insurance regulator that could result in adverse examination findings and necessitate remedial actions or give rise to regulatory orders requiring remedial, injunctive, or other corrective action; 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 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; 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 Annual Report on Form 10-K filed March 8, 2021 and our other filings with the Securities and Exchange Commission 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.
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