|News Update|| |
TomTom to enable Loop’s AI-based auto insurance
TomTom (TOM2), the mapmaker and location technology specialist, and Loop, the community-driven auto insurance provider, has 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.