LOOP Announces First-Ever Equity Program For Independent Agents; Focus on Minority Agents
AUSTIN / July 17, 2023 / BUSINESS Newswire – LOOP, the B-Corp and mission-based car insurer, announces today its ‘Partner Agents’ program; the first ever equity-upside program for Independent Agents.
The Program takes a fresh approach towards upside potential, layering equity incentives and local-impact grants atop of traditional commission-based compensation structures. The Partner Agents program will be the first of its kind, with an aim to generate meaningful wealth-creation potential in LOOP’s insured communities.
“The idea is that our Partner Agents should benefit, in a meaningful way, from the growth they help to create.” says John Henry, LOOP co-founder and co-CEO. “Reframing the Carrier/Agent relationship is long overdue, and it starts with giving agents a stake in your business, and a voice at the table.”
The Program, which will debut later this year, is accepting appointment requests to select its inaugural cohort of Partner Agents.
“We’re looking for Independent Agents that have a real presence in their community, who have boots on the ground, and who genuinely care for their clients and neighborhoods.” adds Mari Mergerson Sharpe, LOOP’s Head of Member & Agent Success. Mrs. Sharpe, who has over 10 years experience building Agent Programs, including at National General, Porch Group, and LOOP, will be spearheading the initiative.
LOOP’s core auto offering replaces credit scores and other traditional rate factors with more dynamic risk measures. This results in adequate coverage at affordable rates for historically overlooked and underserved communities. LOOP has over 14,000 members and is live in the State of Texas, with plans to be in 3—5 additional states in the next 18 months.
“While we welcome agents of all backgrounds, we also recognize the equity gap in the composition of Independent Agent representation today.” adds Henry. “We will have a focus on agents who insure underserved populations, and who themselves may be a minority, woman, or immigrant.”
About LOOP
LOOP is a Public-Benefit Corporation and mission-based insurer, using tech and incredible care to create more inclusive insurance. Visit ridewithloop.com/partner-agent to learn more about LOOP’s Partner Agent program and request an appointment.
Media contact:
Brenda Medina
SOURCE: LOOP
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