Loro Secures $1.1M in Seed Funding to Innovate Insurance Tech
Loro Secures Seed Funding to Transform Insurance Distribution
Backed by Markd, Loro provides a distinctive no-code platform that includes a free tier for users managing up to $100,000 in gross written premium (GWP) annually. This offering empowers a new wave of insurance innovators.
Funding Success
Loro, the pioneering platform for specialty insurance distribution, has announced the completion of a $1.1 million seed funding round. This investment was chiefly led by Markd, a notable player in the insurtech investment arena, alongside contributions from strategic investors within the insurance sector.
The Loro platform enables carriers, managing general agents (MGAs), and program managers to efficiently create and disseminate insurance offerings, all while maintaining complete underwriting control. It stands out as the only insurtech solution that provides a cost-free tier for an annual GWP of up to $100,000, removing traditional financial obstacles that often hinder newcomers from launching successful insurance products.
A Vision for Change
Peter Tilbrook, CEO and Co-Founder of Loro, expressed that this funding represents a strong endorsement of their commitment to revolutionizing the insurance landscape. "We have expanded our reach to over 25 clients worldwide and connected more than 600 brokers, generating significant premium revenue without sacrificing speed or affordability. This new capital enables us to enhance the infrastructure that the specialty market has long awaited," remarked Tilbrook.
Innovative Technology
Loro's no-code product development tool is designed for ease of use, allowing clients to replicate their existing underwriting standards and pricing models, whether these originate from spreadsheets or APIs. This flexibility means clients can configure dynamic forms quickly and set up complex document generation workflows, rating, invoicing, tax processing, and renewal tasks within days. Additionally, integrations with leading platforms such as Stripe and DocuSign streamline the overall quoting process.
Streamlined Operations
Unlike conventional systems, Loro prioritizes multi-layered distribution. This structure allows users to manage downstream brokers and retail agents within a fully digital context. All participants in the network benefit from access to quoting, performance metrics, and portals, while the primary user retains authority over pricing and brand representation.
Empowering Innovators
Parker Beauchamp from Markd acknowledged the unique position Loro occupies: "They empower those closest to risk to act swiftly while maintaining essential control. Loro's understanding of the intricacies of specialty insurance is evident, and we're excited to support their journey in reshaping insurance distribution's future."
Real-Time Operational Intelligence
The platform’s capability provides real-time insight into every quote, bind, and payment made through the system. Users can create custom bordereaux, monitor commissions, and automate reporting processes, leading to enhanced operational intelligence without any delays.
Future Goals
This recent funding will allow Loro to expedite its development plans, hire additional team members globally, and invest in connectivity solutions. This will ensure that carriers, MGAs, brokers, and agents can collaborate effectively on a cohesive, up-to-date infrastructure.
About Loro
Loro is dedicated to providing a no-code, multilingual platform crafted specifically for specialty insurance. With capabilities designed to facilitate the launch and distribution of insurance products within a matter of weeks, Loro equips its users with comprehensive underwriting control and real-time data access, all from a unified interface.
About Markd
Markd is a venture capital firm that focuses on nurturing and collaborating with transformative insurtech companies. Paying tribute to the insurance industry's historic foundations, Markd is committed to shaping its future by fostering substantial projects and inspiring innovative ideas aimed at preventing losses.
Frequently Asked Questions
What is the primary purpose of Loro's platform?
Loro's platform is designed to streamline the distribution of specialty insurance by enabling users to create and manage insurance products efficiently.
How much funding did Loro recently secure?
Loro successfully raised $1.1 million in its latest seed funding round.
What unique feature does Loro offer?
Loro offers a no-code platform that provides a free tier for up to $100,000 in GWP annually, making it accessible for new entrants in the insurance market.
Who led the investment round for Loro?
The funding round was primarily led by Markd, a prominent venture capital firm focused on insurtech.
In what ways does Loro support its users?
Loro supports its users by providing real-time insights, seamless integrations, and a no-code interface to simplify the insurance product creation process.
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