May 24, 2022
Welcome to the MGA Founders Podcast, where Socotra CEO Dan Woods chats with innovative MGA founders to learn their stories, challenges, and visions.
In this episode, Dan chats with Carey Anne Nadeau and John Henry, Co-founders and Co-CEOs of LOOP, a mission-driven insurtech MGA based in Austin offering fair and equitable car insurance for all.
Hear Carey Anne and John talk about the unique mission of LOOP and how the company is revolutionizing auto insurance (0:51). Listen as Carey Anne shares how her background in city planning inspired LOOP’s data-driven approach to insurance, and how technology is creating new actuarial capabilities for insurers (5:38). Learn how they founded the company, why they split the role of CEO, and how they approached commercializing their proprietary technology (12:25). Hear John explain how his past experience as an entrepreneur and venture capitalist translates to his present role, and what founders should consider when fundraising from institutional investors (16:28).
Carey Anne and John also break down the complexities of the MGA business model (19:08), and their early challenges learning about it (24:26). They detail the geopolitical considerations that impact MGA go-to-market strategies, and why they chose to launch LOOP in Texas (27:04). Carey Anne and John also talk about policy administration systems, the challenges they experienced finding the right solution, and the value of a modern insurance core platform (30:57).
Connect on LinkedIn with Carey Anne Nadeau (https://www.linkedin.com/in/careyannenadeau/) and John Henry (https://www.linkedin.com/in/johnhenrystyle/), or visit ridewithloop.com. Connect with Dan Woods on LinkedIn (linkedin.com/in/danwoods1).
This podcast is brought to you by Socotra, the modern core platform bringing unparalleled speed and ease to insurance technology. With Socotra, global insurers and insurtech MGAs can accelerate innovation, reduce costs, and improve customer experiences. Visit socotra.com/mga to see why more insurtechs trust Socotra than any other core platform.