Open Lending Partners with Securian Financial Group

Rhea-AI Summary

Open Lending (NASDAQ: LPRO), a leader in automotive lending enablement and risk analytics, has announced a new partnership with Securian Financial Group. This collaboration aims to enhance Open Lending's flagship Lenders Protection™ program by incorporating Securian Financial's insurance coverage. The initiative is designed to support financial institutions in offering secure loan opportunities to near- and non-prime borrowers while safeguarding their loan portfolios amid market volatility. The program leverages alternative data and AI-powered risk analysis to price and structure loans based on individual financial profiles.

Positive

• Open Lending partners with highly rated insurance provider Securian Financial.
• Enhances Lenders Protection™ program with additional insurance coverage.
• Aims to secure loan portfolios of financial institutions amid market volatility.
• Uses AI-powered risk analysis and alternative data for precise loan pricing.

Negative

• Market volatility affecting automotive loan portfolios.

Automotive lending enablement provider adds insurance provider to its roster of highly rated carriers

AUSTIN, Texas--(BUSINESS WIRE)-- Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced a partnership with Securian Financial Group, Inc. (“Securian Financial”). The partnership enables Open Lending to provide insurance coverage through its flagship Lenders Protection™ program as market volatility compromises automotive loan portfolios.

“We are pleased to add Securian Financial as an insurance partner for our Lenders Protection program,” said Chuck Jehl, Interim CEO of Open Lending. “As a highly rated carrier with a long history and familiarity with our credit union and other lending institution customers, they are a great addition to our program.”

Securian Financial joins a roster of highly rated carriers that power Lenders Protection’s built-in insurance coverage. Using alternative data and AI-powered risk analysis, Lenders Protection prices and structures automotive loans according to each applicant’s unique financial profile, enabling financial institutions to securely offer loan opportunities to near- and non-prime borrowers.

“We are excited to partner with Open Lending to help more people secure auto loans while at the same time protecting the loan portfolios of the financial institutions that serve them,” said David Seidel, Securian Financial’s U.S. head of Affinity Solutions.

Learn more about Open Lending at openlending.com.

About Open Lending

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

About Securian Financial

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710148848/en/

Open Lending Media Inquiries

press@openlending.com

Open Lending Investor Relations Inquiries

openlending@icrinc.com

Source: Open Lending Corporation

FAQ

What recent partnership did Open Lending (LPRO) announce?

Open Lending (LPRO) announced a partnership with Securian Financial Group to enhance its Lenders Protection™ program with additional insurance coverage.

How will the partnership between Open Lending and Securian Financial impact automotive loans?

The partnership aims to provide secure loan opportunities to near- and non-prime borrowers while protecting financial institutions' loan portfolios.

What is the purpose of the Lenders Protection™ program by Open Lending (LPRO)?

The Lenders Protection™ program uses AI-powered risk analysis and alternative data to price and structure automotive loans based on individual financial profiles.

How does the partnership with Securian Financial benefit Open Lending (LPRO)?

The partnership enhances Open Lending's Lenders Protection™ program with additional insurance coverage, assisting financial institutions amid market volatility.

Why is the partnership with Securian Financial important for Open Lending (LPRO)?

The partnership with Securian Financial adds a highly rated insurance provider to Open Lending's program, strengthening its ability to support financial institutions.