Latest Breaking News On - Uprising ventures - Page 1 : comparemela.com
Devoted Health could be most valuable insurtech at $11 5B
modernhealthcare.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from modernhealthcare.com Daily Mail and Mail on Sunday newspapers.
Austin Inno - The top venture capital funding rounds for Austin startups in January 2021
bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
John Henry Opens Up About His Next Chapter: Revolutionizing The Auto Insurance Industry to Become More Equitable
At just 28 years old, John Henry has already amassed a lifetime of accomplishments. The
Forbes 30 Under 30 honoree built and sold a million-dollar business at 21, went on to create Harlem’s first nonprofit business incubator by 24, and then co-founded a venture capital firm that raised over $40 million for minority-owned small businesses. Now, Henry is on to his next venture: rewriting the rules of auto insurance – a move that has caught even him by surprise.
The Foundation
The son of Dominican immigrants, Henry grew up below the poverty line in New York City’s Washington Heights neighborhood. At 18, he quit his job as a doorman in a luxury Brooklyn building and dropped out of college after a resident offered him the opportunity to use a dry-cleaning facility at wholesale prices. Back then, Henry was living in a small one-bedroom apartment in Harlem with his fam
Startup Loop Wins Funding for Fairer Auto Insurance Rating Model That Uses AI January 19, 2021
Loop, a managing general agency focused on building an auto insurance model that does not utilize credit scores and ZIP codes, announced the close of a $3.25 million seed round last week.
Freestyle.VC led the funding round, with participation from Blue Fog Capital, Fontinalis Capital Partners, Concrete Rose, Uprising Ventures and Backstage Capital.
Loop, a B-corp, uses artificial intelligence, big data and telematics in its proprietary auto insurance pricing model that measures road safety and customer driving behavior on the roads. The startup’s executives are committed to the idea of replacing the demographic factors like credit score and ZIP code traditionally used in pricing. They argue that those factors perpetuate structural bias against vulnerable communities, while Loop’s AI-based approach prices customers more equitably.
Loop launches out of stealth to make auto insurance more equitable
Car auto-insurance from legacy providers has structural bias built into it. It uses metrics such as credit score, income, marital status and education to figure out insurance rates, which eventually disproportionately hurts low-income individuals through high rates and low protection.
Loop, co-founded by John Henry and Carey Anne Nadeau, hopes to launch an alternative model that is equitable for all communities.
“Structural bias is baked into financial services and institutions that perpetuate and reinforce [it],” said Nadeau, who has worked at Brookings Institute and studied at MIT around topics of mobility. “We can’t just focus on banking, [and] insurance is sort of the overlooked ugly stepchild in the world view of financial services.”
vimarsana © 2020. All Rights Reserved.