Open Lending, Inc. Adds Two Industry Veterans to Expand Lending and Insurance Expertise for the Lenders Protection Product

AUSTIN, Texas--(BUSINESS WIRE)--Open Lending, Inc., the parent company of Lenders Protection, announced today the addition of two industry veterans to the company. Steve Martin has been named VP of Insurance Services. Steve is a former VP and product manager for CUNA Mutual Group. While at CUNA Mutual, Steve spent many years as a senior actuarial officer and 20 years as the product manager for some of their major businesses, including Credit Insurance and Employee Benefits. In 2003, he became product manager for Lenders Protection where he remained in that role until his retirement in 2008. “Steve has over 35 years of experience in insurance and financial services,” said Ross Jessup, CFO of Open Lending. “It’s an honor to have Steve come out of retirement to join our Company. His expertise and background are invaluable as we take Lenders Protection to the next level in the financial services market.”

“Jack has exceptional and proven leadership abilities that result from strong combinations of communication and professional experience”

Jack Jordan has been named VP of Lending Services. Jack recently served as VP of Product Development for Teres Solutions, Inc. and as COO and VP of Lending at Velocity Credit Union in Austin, Texas. During his time at Teres Solutions, Jack Jordan directed product management, development and quality assurance functions for a loan origination platform used by over 200 financial institutions in the United States. Jack spearheaded major improvements in products that contributed to substantial revenue and customer growth in the company. While COO and VP of Lending at Velocity Credit Union, he managed all operational areas of a $500 million financial institution, including an automotive lending subsidiary that generated over $5 million in new revenues in a 3 year period. “Jack has exceptional and proven leadership abilities that result from strong combinations of communication and professional experience,” said John Flynn, CEO of Open Lending. “We are extremely excited to have Jack join the team. Jack brings years of experience in financial lending services in addition to operation management skills that will benefit our company significantly.”

For more information on Open Lending, visit www.openlending.com.

About Open Lending, Inc.

Open Lending, Inc. was formed in 2000 in Austin, Texas to provide automated lending services to financial institutions. From 2001 to 2003, Open Lending developed a software platform and various analytical models to determine the risk of default and loss on auto loans. This knowledge was used to develop an automobile loan default insurance program for credit unions, allowing them to book loans they would otherwise deny.

In December 2003, Open Lending entered into a joint venture with CUNA Mutual Group, a $15 billion insurance company, with over 90% of all U.S. credit unions as customers. Open Lending and CUNA Mutual Group were 50/50 partners in Lenders Protection LLC, which has the exclusive right to offer its Lenders Protection auto loan default insurance program to credit unions. In September 2009, Open Lending purchased its 50% interest in Lenders Protection from CUNA Mutual. CUNA Mutual as part of the agreement has made an equity investment in Open Lending to further its development of the Lenders Protection Program.