Let's be honest, a lot has to go right to take on a trillion-dollar industry that's over a century old.

Because it takes a lot to start a new insurance company and they're never born overnight.

But how does anyone survive that process and what type of innovation has to happen to give it a chance?

Believe it or not, there are quite a few ducks that need to be in a row before significant progress can be made.

John Henry and Carey Anne Nadeau, Co-Founders of Loop Insurance, talk about the fundamental changes auto rating is primed and ready for.