Open Lending adds another insurance provider to boost Lenders Protection
Open Lending Corp. is looking to help consumers land both auto financing and car insurance.
The provider of risk analytics solutions for financial institutions announced on Wednesday a partnership with Securian Financial Group in a move designed to enable Open Lending to provide insurance coverage through its flagship Lenders Protection program, as market volatility potentially impacts automotive finance portfolios.
“We are pleased to add Securian Financial as an insurance partner for our Lenders Protection program,” Open Lending interim CEO Chuck Jehl said in news release. “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 carriers that power Lenders Protection’s built-in insurance coverage.
Using alternative data and artificial intelligence-powered risk analysis, Lenders Protection prices and structures automotive loans according to each applicant’s unique financial profile, enabling financial institutions to securely offer auto finance opportunities to near- and non-prime consumers.
“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.