Loop, the Public-Benefit Corporation and insurance provider powered by Artificial Intelligence, announced today it has closed a mult-iyear deal with TomTom (TOM2), the mapmaker and location technology specialist. TomTom will provide Loop with its mapping technology including speed profiles, traffic stats, and maps, helping Loop customers more safely navigate roads.
With these insights, Loop aims to establish more fair and transparent auto insurance prices. Rather than rely on a driver’s credit and other financial proxies such as homeownership and educational attainment, Loop will use AI to analyze the roads and advise drivers to reroute.
“We are excited to introduce much more modern and dynamic measures of risk into the Auto Insurance industry.” said Ali Salhi, Chief Technology Officer at Loop. “TomTom’s maps and extensive data enable Loop to develop a geospatially-inclined underwriting model, allowing us to underwrite and rate risk with pinpoint precision never before seen in private-passenger auto.”
“Loop is a great example of the innovative ways our technology can be used to help shape safer mobility, which speaks to the core of TomTom,” said Anders Truelsen, Managing Director of TomTom Enterprise. “We love Loop’s approach to using location data to remove bias from auto insurance pricing.”
Loop is a Public-Benefit Corporation and insurance provider that uses Artificial Intelligence to create more equitably priced insurance products. Founded in 2020, Loop’s flagship auto product is slated to launch in select US markets in the Summer of 2021 and continues to expand nationally.