TomTom to Enable Loop's AI-Based Auto Insurance
AMSTERDAM, The Netherlands, July 14, 2021 (GLOBE NEWSWIRE) -- TomTom (TOM2), the mapmaker and location technology specialist, and Loop, the community-driven auto insurance provider, today 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 mor 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.”
“We are excited to introduce a much more modern and dynamic way to assess risk in the auto insurance industry,” said Ali Salhi, Chief Technology Officer at Loop. “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.”
"TomTom is a strong partner for us given their superior mapping capabilities, variety of products and APIs, and true commitment to innovation," said Carey Anne Nadeau, Cofounder and Co-CEO at Loop.
At TomTom we’re mapmakers, providing location technology for drivers, carmakers, enterprises and developers.
Our highly accurate maps, navigation software, real-time traffic information and APIs enable smart mobility on a global scale, making the roads safer, the drive easier and the air cleaner.
Headquartered in Amsterdam with offices in 30 countries, TomTom’s technologies are trusted by hundreds of millions of drivers, businesses and governments worldwide.
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