The second ingredient is an artificial intelligence app that monitors driving behavior in real time to offer suggestions for safer driving. It even reroutes drivers away from roads that are high-risk for car accidents to coach drivers on safe driving practices.
LOOP’s telematics solution captures driver behavior such as harsh braking, speeding, excessive turning, and phone distractions. These factors are also used to calculate the driver’s policy rate, so it’s based on actual behavior, not some arbitrary measure based on demographics.
Better map and traffic data are paramount
Through an extensive evaluation process, LOOP selected TomTom as its map and traffic data provider. Over time, LOOP has found that its core values align with TomTom’s. Both companies are looking to create products that bring meaningful value to consumers and find better ways of doing things. In this case, the two companies came together to deliver a product that keeps drivers on safer roads and rewards them with more fairly priced insurance.
Secondly, LOOP found TomTom’s data and customer service to be winning factors. TomTom’s data offers wide coverage of North America and provides the opportunity to expand internationally. When LOOP proves its business model in the U.S., rolling out to other nations won't be hindered by data.
However, what stood out as a critical differentiator was TomTom’s level of customer support and expertise.