July 19th 2023.
LOOP, the mission-based car insurer, has just announced a landmark initiative: the Partner Agents program, the first-ever equity program for independent car insurance agents. This program is set to transform the traditional commission-based compensation structures, as well as provide opportunities for wealth creation within the communities that LOOP insures.
John Henry, LOOP co-founder and CEO, said of the program: “We want our Partner Agents to benefit, in a meaningful way, from the growth they help create. It’s time to reframe the Carrier/Agent relationship, and that starts with giving agents a stake in our business and a voice at the table.”
LOOP prides itself on being an equitable and affordable car insurance provider. Unlike larger insurers who categorize customers on factors such as gender, job title, marital status, and credit score, 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 is scheduled to launch later this year, and the insurer is already accepting applications for the program’s initial team of partner agents. Mari Mergerson Sharpe, LOOP’s Head of Member & Agent Success, commented: “We’re looking for independent agents that have a real presence in their community, that are genuinely invested in their clients and neighborhoods.” Sharpe brings over a decade of experience in building Agent Programs from her time at National General and Porch Group, and will lead the initiative for the insurer.
At present, LOOP has more than 14,000 members and is currently operating in Texas, with plans to expand to 3-5 more states within the next 18 months. The insurer is seeking agents from all backgrounds, but is particularly interested in those who serve underserved populations and who are themselves a minority, female, or an immigrant.
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