The annual ATECH Conference in Aruba is promoted as, “Where Tech, Innovation, and Creativity Meet to Become the Future.” At the 2015 conference, two young tech entrepreneurs, Carey Anne Nadeau and John Henry, did, indeed, meet and are now hoping to become the future of automobile insurance.

Executive Summary

The "yin and yang" talents of InsurTech co-founders Carey Anne Nadeau and John Henry are coming together to focus on the common goal of creating fair auto insurance, with Nadeau bringing quantitative skills and Henry providing the entrepreneurial zest to create a new industry startup, Loop. Here, they reveal how the unusual pairing came about and what they envision for the future: a company that won't just be providing insurance without reliance on credit scores but will offer drivers feedback loops on safe driving.

The co-founders of Loop, a managing general agency, plan to sell automobile insurance policies with premiums priced by a combination of telematics-produced driving behaviors and AI-provided data on unsafe road conditions. Loop has lined up investors and a fronting carrier, is engaged in talks with several reinsurers, and expects to file for a license to sell automobile insurance in Texas “any day now,” said Nadeau. “We will go live this summer.”

While other insurers are using telematics to assess unsafe driving behaviors like speeding and hard braking, the amalgamation of this data by Loop with information on road safety risks is novel. Somewhat unusual, too, is its formation as a socially conscious B-Corp—businesses that balance profit and purpose. “We’re using modern measurements to create more fairly priced insurance products for all people,” said Henry.

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