AI-powered insurer renews reinsurance program
AI-powered insurer renews reinsurance program | Insurance Business New Zealand
Reinsurance
AI-powered insurer renews reinsurance program
Program led by same reinsurers and carrier
Reinsurance
By
Kenneth Araullo
AI-drive auto insurer and B-Corp LOOP has announced the successful renewal of its reinsurance program.
This new program, which will go into effect for an extended 15-month term, features backing from the same reinsurers and carrier and maintains the same level of support as in the previous term. The program was also notable for being oversubscribed in all aspects.
The renewed reinsurance agreement also retains the same quota share protection found in the expiring coverage, with variable ceding commissions expected to mirror those of the previous agreements closely.
Carey Anne Nadeau, co-CEO and cofounder of LOOP, commented on the renewal and its importance for the firm.
“Some of the world’s largest and most respected reinsurers choose to stake their capital on the belief in our mission and the performance of our business,” Nadeau said.
She also highlighted the strategic advantage the partnership provides, allowing LOOP to operate with minimal capital requirements. This, Nadeau said, enables the company to concentrate on growing its customer base across different regions and on improving its risk assessment through advanced predictive modeling.
“It’s been two years of operations, so this milestone is especially meaningful in that we have earned this on our merit, not on an unproven idea,” Nadeau said.
LOOP offers a variety of coverage options for its members, including bodily injury, property damage, uninsured/underinsured property damage, comprehensive coverage, collision coverage, personal injury protection (PIP), and uninsured/underinsured motorist bodily injury. LOOP also offers rental coverage (in partnership with Enterprise) and roadside assistance in case of accidents.
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