Metromile Names Regi Vengalil Chief Financial Officer

Rhea-AI Summary

Metromile (NASDAQ: MILE, MILEW) has appointed Regi Vengalil as its new Chief Financial Officer, effective May 24, 2021. He will oversee financial management, operations, and investor relations, focusing on strengthening the company’s balance sheet and sustainable growth. Vengalil, who has a robust background in finance from Expedia and LendingClub, expressed his eagerness to enhance Metromile's growth and customer engagement. Metromile offers innovative, pay-per-mile auto insurance leveraging data science to provide fair pricing and efficient claims management.

Positive

• Appointment of an experienced CFO, Regi Vengalil, enhances financial stewardship and strategic growth.
• Vengalil's background includes significant roles in leading financial operations at Expedia and LendingClub.
• Metromile's innovative pay-per-mile model offers average savings of 47% for customers.

Negative

• None.

SAN FRANCISCO, April 22, 2021 (GLOBE NEWSWIRE) -- Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced Regi Vengalil will join the company as Chief Financial Officer on May 24, 2021.

Vengalil will be responsible for Metromile’s financial management, including financial planning and operations, treasury, investor relations, reinsurance and corporate development. He will play a critical role in advancing Metromile’s continued growth strategies and focus on ensuring the strength of the company’s balance sheet and delivering sustainable and profitable unit economics.

“Regi has an impressive track record as a financial steward, corporate development strategist and operations executive. With his financial expertise and leadership, we are primed to enhance our unit-economic advantage and rapidly scale our business,” said Metromile Chief Executive Officer Dan Preston.

“As a Metromile customer for six years, I have experienced firsthand the value Metromile can bring to drivers through fairer prices, fast claims resolution and a better experience. Dan and the team have made insurance real-time, individualized and fairer, and they are working to build a more engaging and profitable insurance enterprise,” said Vengalil. “I am eager to help Metromile expand its mass appeal and further position us to rapidly and profitably grow our business and deliver long-term shareholder value.”

Vengalil most recently served as CFO of Egencia, Expedia Group’s (NASDAQ: EXPE) corporate travel division, where he led the global finance team of more than 100 professionals and was responsible for the division’s financial planning and operations, controllership and commercial finance. Before becoming CFO of Egencia, he also served as a member of Expedia Group’s executive team as global head of corporate development and strategy.

Before joining Expedia Group, he was head of strategy, mergers and acquisitions, and business operations at LendingClub (NYSE: LC). Earlier in his career, he led teams advising financial services and travel firms on growth strategies at McKinsey & Company. He is also currently a member of the board of directors of Porch Group (NASDAQ: PRCH), a home services vertical software company.

Vengalil holds a master of business administration and bachelor of science in economics; both earned with honors from the Wharton School of the University of Pennsylvania.

About Metromile
Metromile (NASDAQ: MILE, MILEW) is a leading digital insurance platform in the United States. With data science as its foundation, Metromile offers real-time, personalized auto insurance policies by the mile instead of the industry’s reliance on approximations that have historically made prices unfair. Metromile’s digitally native offering is built around the modern driver’s needs, featuring automated claims, complimentary smart driving features and annual average savings of 47% over what they were paying their previous auto insurer.

In addition, through Metromile Enterprise, it licenses its technology platform to insurance companies around the world. This cloud-based software as a service enables carriers to operate with greater efficiency, automate claims to expedite resolution, reduce losses associated with fraud, and unlock the productivity of employees.

For more information about Metromile, visit www.metromile.com and enterprise.metromile.com.

Contacts

Investor Relations

Garrett Edson, ICR
ir@metromile.com
646-677-1889

Public Relations

Rick Chen, Metromile
press@metromile.com
415-676-7744

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ebd8d0d5-51f5-4e0e-a6b8-828081b9876f

FAQ

Who is the new CFO of Metromile?

Regi Vengalil has been appointed as the Chief Financial Officer of Metromile, effective May 24, 2021.

What are Regi Vengalil's responsibilities at Metromile?

Vengalil will manage financial planning, treasury, investor relations, and corporate development at Metromile.

What is Metromile's business model?

Metromile offers pay-per-mile auto insurance, providing personalized policies based on driving data.

How much can customers save with Metromile's insurance?

Customers can save an average of 47% compared to their previous auto insurance providers.

What is the stock symbol for Metromile?

Metromile is traded under the symbols MILE and MILEW on NASDAQ.