July 19, 2023
LOOP Announces Equity Program For Minority and Independent Car Insurance Agents
LOOP, a mission-based car insurer, has announced its Partner Agents program, the first-ever equity program for independent car insurance agents.
According to a press release, the program will layer equity incentives and local-impact grants with traditional commission-based compensation structures. The program is a first-of-its-kind program to generate wealth creation within LOOP’s insured communities.
“The idea is that our Partner Agents should benefit, in a meaningful way, from the growth they help to create,” John Henry, LOOP co-founder and CEO, said in a statement. “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.”
LOOP is an equitable and affordable car insurance company. Unlike large insurers, who base their insurance and prices on gender, job title, marital status, and credit score, which can be systematically biased toward vulnerable communities, LOOP bases its insurance on how and where you drive. According to NerdWallet, the national average cost of car insurance is $2,148 per year or $179 per month.
The Partner Agents program will debut later this year and is currently accepting appointment requests to select its initial team 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,” Mari Mergerson Sharpe, LOOP’s Head of Member & Agent Success, said.
Sharpe has over a decade of experience building Agent Programs, including at National General and Porch Group, and will spearhead the initiative for the insurer. LOOP currently has more than 14,000 members and is operating in Texas with plans to expand to another 3-5 states within the next 18 months.
The insurer is currently looking for agents of all backgrounds with a particular focus on agents who serve underserved populations and who themselves are a minority, female, or an immigrant, according to Henry.