What is a B-Corp?
A B-Corp is a Public-Benefit Corporation; which is a for-profit corporation recognized by the majority of U.S. states that are driven by both mission and profit. Shareholders hold the company accountable to produce a financial profit as well as some sort of public benefit.
Is Loop a B-Corp?
Yes. Loop is a Delaware-based Public-Benefit Corporation, which means our mission is in our legal foundation and our DNA - not just marketing fluff.
Why did Loop Choose to become a B-Corp?
Loop chose to incorporate as a Public Benefit Corporation because we wanted to ensure that in addition to having a fiduciary responsibility to our shareholders, we also had a legal responsibility to uphold our stated mission, which is to leverage AI, Data, and Technology to create more fairly priced insurance products.
How does Loop intend to fulfill it's B-Corp Mission?
In our view, by introducing more accurate and modern measures of risk, we are creating more opportunity for people to become insured at more competitive rates; freeing them up to do the things they need, want, and love to do. We also intend to push the bound on community-involvement and be present in a caring way for the same communities we insure.