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Insurance startup Lemonade has parted ways with CMO Jeff Brooks after just over a year.

A spokeswoman confirmed Brooks is no longer with Lemonade. She said Lemonade is not looking for a new CMO but declined to elaborate. Brooks did not respond to requests for comment.

Lemonade, which is based in Tel Aviv and New York, sells insurance to homeowners, renters, and pet owners online and interacts with customers primarily through AI-powered chat bots. Like fellow insurance startup Dayforward, Lemonade handles all of its advertising and media-buying in house.

Brooks joined Lemonade after holding the same position at Casper for two years. Before that, he held top roles at IPG’s Huge, M&C Saatchi, and Havas New York. 

SoftBank-backed Lemonade had 2020’s most successful IPO, according to Bloomberg. Shares traded around 350% higher than their July IPO price as of last December despite heavy losses and Lemonade’s projected valuation dropping from $2 billion to around $1.3 billion by its IPO.

Since then, however, shares have dropped nearly 50%, and some analysts now say Lemonade was significantly overvalued. Year-over-year app downloads were also down an estimated 15% in March.

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Source:: Businessinsider – Technology


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