The Private Insurance Superintendence (Susep), a federal authority that regulates and oversees the insurance market, informs on Monday (17) to have suspended the operations of LTI Seguros SA and its Loovi representative, “while calculating”.
With over 360,000 followers only on Instagram, Loovi sells car insurance and has among its main promoters the businessman Pablo Marçal, former candidate for the city of São Paulo in 2024, who presents himself as an investor and partner of the company. In addition, in February the company was announced as the new official sponsor of Santos, along with the return of soccer player Neymar Jr. to the club.
Loovi’s dissemination can also be found by other famous influencers, such as Whindersson Nunes, Renato Cariani, Lucas Ranngel, Celso Portioli and Tirullipa.
According to a statement from Susep, “while the measure is in force, companies are prevented from making new hires, but the signed contracts remain valid and must be fulfilled by the parties.” The municipality also informs that if the insured is interested in canceling his contract, “he must directly trigger the insurer, observing the general conditions of the policy (insurance contract).” There is no deadline for the conclusion of the investigation of the complaint.
Required measures
Among the actions required by Susep were:
1. The exclusion of any material that confounds consumers on the role of Loovi, preventing the impression that the company is an insurer;
2. The inclusion of clear information on the LOOVI condition as the insurer representative, highlighting the percentage of participation in its controller in both companies; and
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3. The insertion, in communication materials, of the number of the administrative process with SUSEP and the information that the products are being offered experimentally (as it operates under the rules of experimental environmental, the ‘regulatory sandbox’).
In addition to the suspension, Susep also determined that all contractual conditions and the representative’s remuneration are explicitly informed to the consumer.
A second order was made by the federal authority later on Monday (17) by identifying that the “quotation” service on the Loovi website remained active, determining new requirements to the company. Among them, to insert Warning on the suspension of sales in the site quotation area, as well as refusing to make insurance supply and advertising as long as the suspension of activities lasts and clearly inform the suspension of product marketing to the consumer who seeks the company LTI Seguros and Loovi (CW Technology).
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Historic
The complaint was made in January by Fenacor (National Federation of Insurance Brokers), which alleged alleged irregular performance of Loovi in the insurance market, and asked Susep to investigate the case and the adoption of measures to interrupt the activities of the companies.
According to Fenacor President Armando Vergilio, Susep’s decision “serves as an alert to other insurers and industry representatives” and shows the importance of transparency and responsibility in the relationship with consumers.
According to Quezide Cunha, president of Loovi and responsible for LTI Seguros in the (experimental regulatory environment that encourages innovative projects in products and services offered in the insurance market), “all requirements have already been fulfilled.”
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In a letter sent in response to Susep, LTI Seguros highlights that it excluded publications on social networks signaled by the municipality as inadequate. In addition, they began to include in any and all communication material from CW Technology Ltda. (LOOVI) The condition of service provider of the representative regarding the insurer. The company also states that it will include in the policies (insurance contract) information on the remuneration of CW Technology (Loovi) as insurance representative.
In the document, the company calls for “the immediate revocation of the temporary suspension of product marketing” by LTI Seguros and “the temporary suspension of the services provided by the representative, CW Technology Ltda., It is true that the improper maintenance of such suspension may cause irreparable damage to the company and CW Technology Ltda”.
Allegations
According to Fenacor, when he presented herself as an insurer authorized to operate by Susep, Loovi missed the truth, configuring “purposeful misinformation.” The Federation claims that Loovi, in fact, would be a insurance representative, CW Technology, who may be operating as an insurer without authorization and without informing this condition to consumers, injuring the standard of conduct established by CNSP (National Council of Private Insurance), the body responsible for setting the guidelines and rules of private insurance policy in the country.
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In its official channels, Loovi claims not to do the driver’s profile analysis to sell insurance, promises hiring within 5 minutes, as well as promotions that can “zero” consumer who indicates friends as customers.
LTI Seguros is, in fact, a participant in the (experimental regulatory environment that encourages innovative projects in products and services offered in the insurance market), authorized to operate in national damage insurance until March 2026, with capital of R $ 1.3 million.
