Open Lending partners with Securian Financial

Automotive lending enablement company Open Lending announced a partnership with Securian Financial.

The partnership enables the companies to offer insurance coverage through Open Lending’s Lenders Protection program. 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 offer loan opportunities to near- and non-prime borrowers. The program includes loan default insurance, which can cover ~80% of loan portfolio losses.

Securian Financial joins other carriers that offer coverage through the Lenders Protection program. In May, Open Lending announced a partnership with Core Specialty. The company also has a long relationship with AmTrust, and in 2021 and 2022 it partnered with American National and Arch Insurance, respectively. Last year, CNA informed Open Lending that it will stop offering auto default insurance on its platform.

“We are pleased to add Securian Financial as an insurance partner for our Lenders Protection program. 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.” – Chuck Jehl, Interim CEO of Open Lending.

“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.” – David Seidel, Securian Financial’s U.S. head of Affinity Solutions.