Introducing Loop: Mission-Driven Car Insurance

Today, your car insurance price is largely pre-determined based on the zip-code you live in, your income, and your credit score.

Using this lens to underwrite customers perpetuates structural bias, disproportionately affecting communities of color, and unfairly grouping people into a ‘high-risk’ category that pays 50–70% more.

There are new, more relevant data that allow us to price customers more equitably — measuring the safety of the roads and our driving behaviors on them instead of who we are as individuals.

This is why we created Loop.

A mission-driven auto insurance player, that will be powered by AI-technology and driven by social good.

Formed as a B-corp, we will have a double-bottom line approach to doing business; measuring our positive-impact on the community in addition to the profits we generate from premiums.

At Loop, we will turn the existing underwriting model on its head, measuring only what matters to the safety of our customers and price our customers fairly.

We will leverage new data sources and AI technology to dynamically monitor the risk of the roads, and share safety insights back to our customers via a rich mobile experience to keep our customers safe.

Loop is making a stand against discriminatory practices in Auto Insurance. We pledge never to use Credit Score in any of our rate-filings for as long as we serve the community.

We are not in the market just yet! But aim to go live in 2021 selling auto insurance in our initial target states very soon.

Thank you for your support. Building an insurance business is difficult, but we never signed up for easy. We are excited to roll our sleeves up, and do the hard work of building a high-growth, scalable company that will confront the bias baked into insurance, and bring about much needed change.

With love,

John Henry

Cofounder, Co-CEO

PS. To stay in the loop, head over to loopinsure.co and join our mailing list. :)