Loop

Car insurance providers can over-price insurance rates by 50% because their models focus on evaluating driver demographics rather than their driving. These models over index to the driver's credit score, history of driving violations, occupation and education while largely ignoring the actual driving ability and conditions to which the driver is subject to. Loop is able to reduce premiums by, on average, by $680 by focusing on the driving conditions more so than the driver. Their AI models evaluates driving geography, considering crash data, traffic volume, weather conditions and quality of road infrastructure to predict the likelihood of a crash with 83% accuracy. In doing so, good drivers on safe roads get far better premiums than they would with a traditional insurance provider. This fundamental change in how a premium is priced allows for a more accurate risk assessment and lowers the price for drivers. These are two critically important competitive advantages that will help Loop outcompete legacy insurance providers.