Loro Insurtech

Loro Insurtech provides a no-code, multilingual platform designed for the specialty insurance market, enabling clients to launch and manage insurance products globally. The company was founded in 2021 by Peter Tilbrook, Loris Candylaftis, and Diego Silva Villalba, and is headquartered in Dover, Delaware. Co-founder and CEO Peter Tilbrook, an experienced insurance professional who has worked as a broker for Marsh and Willis and as an underwriter for Tokio Marine HCC, was motivated by the desire to create a more efficient and accessible technology solution for the industry. This sentiment, born from frustration with existing software that was slow and expensive, drove the creation of a platform that he and his co-founders wished they had.

Loro's business model is centered on a success-based approach, offering a free tier for the first $100,000 in gross written premium (GWP) annually with no upfront investment required. Revenue is generated by charging a percentage of the premium bound through the platform, aligning the company's success with that of its clients. This model is designed to remove financial barriers, allowing insurance carriers, Managing General Agencies (MGAs), and brokers to create, customize, and deploy products in days rather than months. The platform targets the specialty commercial and consumer product lines, which are often complex to digitize.

The platform functions as a comprehensive policy administration system that handles the entire quote-to-bind workflow. Key features include a no-code product builder for replicating underwriting rules and pricing models, dynamic form configuration, automated document generation, and management of rating, invoicing, tax, and renewals. Loro supports multi-layered distribution, providing customizable portals for brokers and partners while allowing platform owners to maintain control over pricing and rules. It also integrates with third-party tools like Stripe, DocuSign, and ePayPolicy. A significant milestone for the company was its participation in Cohort 11 of the Lloyd's Lab accelerator program in 2023, which focused on enhancing their product for the Lloyd's market. The company has secured $1.85 million in funding over two rounds, including a recent $1.1 million seed round led by Markd, an investor focused on the insurtech space.

Keywords: no-code insurance platform, specialty insurance, policy administration system, insurtech, MGA software, digital insurance distribution, insurance product builder, success-based pricing, freemium insurance software, quote-to-bind, underwriting automation, broker portal, Lloyd's Lab, Peter Tilbrook, insurance process automation, API integration, global insurance platform, online policy management, revenue-share model, commercial lines insurance