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Scout InsurTech Interview with Loro Insurance

Writer's picture: Michael FiedelMichael Fiedel

Loro Insurance is a modern insurance platform. They seek to enable insurance companies, managing general agencies (MGA) and brokers to transact business online, providing the full customer journey. Michael Fiedel sat with Founder and CEO, Peter Tillbrook, to learn more about how Loro Insurance is impacting the industry.





What is Loro Insurance’s client focus?


Our clients are MGAs, mostly brokers and insurance companies. The key criteria to using Loro would be having underwriting authority, so people who want to launch products have the ability to price products and get to market quickly.

 

What does your product do?

 

We would put ourselves in the category of policy admin with a caveat that it’s a broad category. Our focus is on distribution. How can I build products, create my rating rules and automate my policy production? But, in the real world of insurance, where can I get that to brokers and to consumers and effectively and easily tailor the distribution to my needs from an automated system?

 

How much capital have you raised?

 

We've raised $950,000 in total.

 

Was the company born from within or outside the industry?

 

My two other founders and I have been in insurance for the vast majority of our careers. Loro was born out of frustration with the systems we had in front of us and opportunities that we simply couldn't reach or fulfill with the technology available. Everything we do is from an underwriter's perspective.

 

What growth metrics have you accomplished over the last 12 months?

 

One thing we're proud of is the ability to onboard, getting customers up and running quickly. This year we've had 14 new customers, and we've seen an incredible amount of distribution partners added by those customers. 


One case I’ll highlight is a customer who signed up to our site within two months with no IT involvement. There are 42 broker partners using the platform to access their products. Those are the types of metrics that we care about. How successful are our clients in using our platform? How many partners are they adding? How many quotes are they getting? How much premium are they binding?

 

Within your domain, what is the current challenge that the industry is facing?

 

Most digitization in the industry has come from direct-to-consumer servicing. Whereas, the specialty space is driven by an amazing network of brokers, intermediaries, agents and professional advisors for clients. I loved working as a broker. I spent a number of years as VP of Marsh, and I worked for Willis. Brokers are the lifeblood of the industry, and we don't appreciate the role of a broker enough in terms of what they do for a client. 


When we built Loro, we wanted to solve the problem of insurance systems not always accounting for the needs of a broker. Not empowering a broker or, leaning into the distribution methodology that they're getting their business from. With Loro, we created a system where you can empower any broker and their partners. You can have this infinite chain of wholesale, retail associations. People can access and automate as much or little as they want of the system without ever avoiding that human need to advise. That's what drove us to create Loro. It's not just an internal focus system, but a system that works in the real world of specialty.

 

How does Loro Insurance take a unique approach to providing value?

 

One frustration we had was that many systems charge huge amounts of money, something that may or may not get delivered at some point in the future. We wanted to flip that on its head and deliver a product that's ready to go quickly with no upfront cost. We charge based on the premium bound on our platform. We put transparent pricing on our website. Something I encourage the insurtech sector to do is be more transparent in terms of pricing. 


If our clients buy business and succeed in launching these products, then we get a percentage of premium. I think it takes the risk out for clients. Because there are many ideas in the insurance world. There are many products that would like to launch, but there's no guarantee that these will be successful. So, with a system that grows with you and charges based on your success, it aligns us to our customer's needs.

 

What inspired the team to start this company?

 

A lot of ideas in insurance were born out of a few beers after a frustrating day in the office. My co-founders are two great people with interesting backgrounds. Our CTO, Loris, is originally from France and went to university in Italy and now lives in Spain. He’s a linguist but also very experienced in terms of the world of insurance technology. Loris worked for 12 years as a Head of IT for Tokio Marine Europe, and was so fed up with everything we've talked about: endless projects, lack of delivery and lack of projects aligning with goals. 


Along with our third co-founder, Diego, a former US Underwriting lead, we launched Loro. We were able to create what we felt would be a product we would have wanted to use, that we would be proud of and that met the frustrations we had. Loris and the development team were able to make all of that a reality. We're proud of what we've created, and we're proud of the origin that we feel and know the frustrations that everyone is going through.

 

Can you share any goals for the next 12 months?

 

Our goals are always aligned around distribution: how we can make go-to-market strategies better and easier for everyone in the market. We've got some big ideas around an insurance ecosystem that works for everyone. Our goal is to focus on a project we call the Loro Jungle, which builds this ecosystem nicely and creates efficiency for people in the system. We're fed up as an insurance industry with all the manual processes and paper pushing. If we can make a small difference and empower people to launch products successfully, we'll be very happy.





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