"People Lie, Numbers Don't": How ServiceUp's CIO is Rewriting the Rules of Insurance
How one executive is reshaping insurance for the mobility economy while championing women in fintech
Meet Stephanie Mier, Chief Insurance Officer at ServiceUp—a leader who has spent two decades at the forefront of insurance innovation. From building auto claim departments to launching embedded insurance products for mobility pioneers like Turo and Fair Financial, Stephanie has witnessed and driven the fundamental transformation of how we think about vehicle ownership, sharing, and protection.
Now at ServiceUp, which recently completed a $55M funding round, Stephanie is tackling the final piece of the mobility puzzle: transparent, tech-enabled vehicle repairs that benefit both carriers and consumers. Her journey through traditionally male-dominated industries—insurance and fintech—offers invaluable insights for women leaders navigating similar paths.
In this conversation, Stephanie shares her strategies for establishing credibility in challenging environments, her perspective on the evolution from traditional auto insurance to embedded solutions, and her approach to maintaining culture during hypergrowth. Her advice is grounded in real-world experience: from her early mentor's wisdom that "people lie, numbers don't" to her current philosophy of celebrating small wins while maintaining transparent leadership.
Whether you're interested in the future of insurtech, seeking guidance on breaking into male-dominated fields, or looking for practical leadership advice during scaling phases, Stephanie's insights offer a unique blend of industry expertise and hard-won wisdom.
1. Breaking Into Male-Dominated Industries "You've built your career in two traditionally male-dominated sectors - insurance and fintech. What strategies did you use to establish credibility and build relationships early in your career, and how do you now help other women navigate similar challenges in these industries?"
Great question. I was raised by an incredibly strong, independent woman, so I had a bit of a head start. Navigating a male-dominated industry is about networking and leading conversations with confidence and data-backed insights. “Your network is your net worth” goes a long way when you’re a woman just starting out in insurance and tech. Build your resume by chasing the job, not the money; it opens doors to talented, trusted leaders. It shows you’re willing to build new things, that you can be relied on to handle the inconvenient tasks, and it gives you a chance to stand out as the go-to in any company or line of business. Women in these industries can shine by taking on the harder projects and grounding their insights in findings and data. Another mantra my mentor instilled early on: “People lie, numbers don’t.” If you can show data that supports your insights, opinions, or thesis, people have no choice but to listen, respect, and acknowledge your skill set.
2. From Traditional Insurance to Embedded Innovation "You've witnessed the evolution from traditional auto insurance to embedded insurance solutions in mobility platforms like Turo and Fair Financial. What fundamental shifts in customer expectations drove this transformation, and how do you balance innovation with the risk management principles that are core to insurance?"
Customer expectations are ever evolving; it’s the most challenging part of insurance and also the most enthralling. It’s an instant motivator to keep pushing innovation in this sector. Take the early rideshare era as an example. Households were facing the rising cost of vehicle ownership: high interest on loans and leases, lump-sum payments, and the cost of risk, including insurance, warranties, supplemental coverages, and out-of-pocket deductibles. It became hard to justify owning a car for school, work, or family, let alone for the pride of a dream car. The question became how to share the expense and lower the monthly burden. That pressure sparked a shift in how we view and maintain car ownership, launching a new shared-ownership model.
Insurance is inseparable from that model. It protects what you’re sharing when accidents happen, and it forces larger carriers and mutuals to rethink how they underwrite and share this new kind of exposure. The theme continued: how do we share costs and reduce TCOR (total cost of repair)? Underwriters responded with new, consumer-first products, including mileage-based policies and off-app coverages, which marked a clear evolution from the traditional P&C setup of one car, one driver, and a few lines of protection.
Now you can drive the vehicle you want while sharing the cost to keep it. You have a policy that provides peace of mind on the road. Over the past two decades, I’ve watched this offering grow. One layer still needed more innovation: the repair and maintenance side of ownership. ServiceUp uses technology to complete that trifecta by giving carriers and consumers transparent insight into TCOR, which ultimately impacts the bottom line. A crash can alter a consumer’s risk profile and spike monthly premiums. Large volumes of damage claims can stress a carrier’s loss ratios and solvency. ServiceUp closes the gap by expediting repairs, lowering out-of-pocket and rental costs for consumers, and curating loss data that supports better underwriting, which helps balance innovation with risk.
3. Scaling Leadership Through High-Growth Moments "As Chief Insurance Officer at ServiceUp during their recent $55M raise, you're experiencing significant scaling challenges. How do you maintain the culture and operational excellence you've built while rapidly expanding your team and capabilities? What advice would you give to other women leaders navigating hypergrowth phases?"
Maintaining culture starts with principles set before you scale. They create a deeply rooted, centralized belief in the company’s goal. At ServiceUp, it’s to be the all-in-one vehicle repair platform. Every new team member plays an integral role in building toward that goal. Our job as leaders is to sustain that drive and the common thread throughout. When teams bring their talents and aspirations, and clearly see the company vision, culture and true “teamship” take root and grow. One practice women leaders can adopt right away to ensure success is to celebrate small wins and move past failures. As a company moves through the transition that follows a large raise and hypergrowth, it is critical to keep reiterating the “why” behind changes. Transparency removes the impulse to fill blank spaces with individual narratives.
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