No-code insurtech Loro raises $750,000 in seed funding
Loro, a provider of no-code technology for the insurance industry, has raised US$750,000 in seed funding.
The investment was led by prominent insurtech investor Markd alongside other key industry figures. The funds will allow Loro to continue its growth to data and enable the firm to continue developing its no-code technology solution. In addition, Loro will use the capital to expand its team, accelerate further product development, and drive adoption among insurers.
Its solution, which Loro describes as seamless and cost-effective, allows insurers or MGAs to quickly create, customise and deploy insurance products without any upfront investment. Loro provides the solution free of charge for the first US$100,000 of gross written premiums (GWPs) every year, incentivising insurers to adopt the platform.
Latest investment ‘validates’ Loro’s vision
Peter Tilbrook, CEO of Loro, says: "We are thrilled to partner with Markd as our lead investor along with key figures from the industry. Their support validates our vision of revolutionising the way insurance software is implemented and used. With Loro, insurers can create and manage tailored insurance products, supercharge their distribution, and gain significant competitive advantage."
Markd’s Parker Beauchamp says: "I love the Loro team. The founders are kind, hardworking and generous with relevant experience and, most importantly, a great network. Don't take my word for it; ask their customers."
Christian Kanu, Chief Executive Officer at Generali Global Corporate & Commercial, who is also an investor, adds: "I decided to invest in Loro because its solutions are really innovative since they are easy to implement, scalable and with gradual pricing. This is exactly the opposite of what most of Loro's competitors are offering in the market."
