TomTom, the mapmaker and location technology specialist, and Loop, the community-driven auto insurance provider, announced a new multiyear agreement.
TomTom will provide Loop with its speed profiles, traffic stats and maps to help Loop customers make safer driving choices and receive insurance rates that are based on fair, bias-free criteria. Loop will use TomTom’s maps and traffic data to better understand driver behavior and road risk, which is the foundation of the company’s pricing model. Rather than rely on a driver’s credit and other financial proxies such as homeownership and educational attainment, this AI-driven approach will enable Loop to establish fairer and more transparent auto insurance prices. TomTom’s maps and traffic data will also enable Loop’s artificial intelligence product to monitor driving behavior in real time and provide suggestions for safer driving, even rerouting drivers away from roads that are high-risk for car accidents.
“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 applaud Loop’s approach to using location data to remove bias from auto insurance pricing.” Ali Salhi, Chief Technology Officer at Loop said: “We are excited to introduce a much more modern and dynamic way to assess risk in the auto insurance industry. TomTom’s maps and extensive location data enable Loop to underwrite and rate risk with pinpoint precision that’s never before been seen in private-passenger auto insurance.”