As we welcome our new member, Loss Run Pros, Director of Business Development Brenden Corr shares the background LRP and the solutions they offer:
By: Brenden Corr
Soliciting and obtaining loss runs to quote commercial business is a necessary step in the process. However, as an insurance agent, you or your staff have likely spent an inordinate amount of trying to get that information. Even though most carriers accommodate loss run requests without much hassle, each has their own process, which can be confusing, and some carriers simply don’t share your sense of urgency. Added to that is the fact that soliciting assistance from the prospective client, just so they can get another quote provides yet another reason for that prospective client to throw up a wall. Certainly, the agents or brokers who are currently servicing the account have no motivation to help.
Now there is a solution – Loss Run Pro (“LRP”), which is a simple and easy-to-use subscription software service. LRP simplifies the loss run process by automatically generating and delivering loss run requests. LRP also provides tracking and other useful tools to improve this process. LRP’s innovative technology allows loss runs to be generated, signed, and delivered electronically, via a computer or mobile device.
LRP was founded in 2020 by Reghan Brandt. Reghan is an insurance industry veteran based in Missoula, Montana. In 2008, Reghan founded Columbia Pacific Finance (CPF), a profitable and successful insurance premium finance company. In 2020, CPF worked with over 5,000 insurance brokers, quoted over 24,000 accounts. Through her experience in the insurance industry and her powerful agent network, Reghan was in a unique position to identify Loss Runs as a source of inefficiency for agents, carriers, and the insured. In 2019 she set out to solve that problem.
As a cheap, simple, and easy-to-use subscription software; LRP is one of the hottest NEW InsurTech software. Their service platform automates, streamlines, and enables agents to easily generate and send Loss Run requests and authorizations. Through their proprietary software, agents can now access and track their Loss Run workflow via their internal dashboard at home, the office or even on the road. Thus, allowing agents easier access to the necessary information to ultimately quote more and win more business.
LRP’s goal, over the next 5 years is to disrupt the insurance industry by eliminating the old, outdated printing, scanning, and faxing methods that have been used for far too long. By harnessing the power of technology, ensuring that all data flows seamlessly to and from all designated parties. Creating a digital platform where agents can digitally send, track & manage their loss run requests in one spot will be a game-changer for the industry. Not only will LRP save agents time, money, and headaches, but, through simple things such as the custom e-sign function for the insured – it will make the agents look better and create a better user experience for their clients.
The LRP platform was designed with two important functions in mind to help the agents win more business. First, the LRP platform streamlines receiving authorizations from the insured to get access to the Loss Runs when they are not the agent of record. Secondly, agents can schedule loss run requests at binding for their current insureds and get rid of working their renewal lists from multiple excel sheets. The dashboards allow each LRP user to easily track and manage all of these requests, ensuring they have all loss runs in time to quote new and renewal business.
LRP recently closed on their first round of funding first round of funding and are thrilled to announce our partnership with K2 Insurance Services. Their early-stage investment shows their leadership not only believed in our mission; but also that our platform provides an immediate solution to the Loss Run problem. Additionally, partnering with K2 Insurance Services opens the doors and sets the foundation for incredible growth, success, innovation and product developments to come. K2’s CEO, Robert Kimmel said, “As CEO of K2, I am always looking for innovative technologies and solutions that can improve our customers’ experience; LRP was a logical fit for the specialty market. Regarding Loss Run Pro’s effectiveness, K2’s President, Mark Smith, stated, “After seeing demos of countless ‘Insurtech’ tools, Loss Run Pro is the best I have seen because it uses technology to solve meaningful issues of the insurance placement process and simplifies that process for all parties.”