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    TOM2   NL0013332471

TOMTOM NV

(TOM2)
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TomTom to Enable Loop's AI-Based Auto Insurance

07/14/2021 | 12:01pm EDT

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 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.”

“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.

About TomTom:

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.

www.tomtom.com

For further Information:

Media Relations:
tomtom.pr@tomtom.com

Investor Relations:
ir@tomtom.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9ece223-5f8d-4d05-8207-d821a8148f79. The photo is also available via AP PhotoExpress.


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TomTom to Enable Loop’s AI-Based Auto Insurance

TomTom to Enable Loop’s AI-Based Auto Insurance

ę GlobeNewswire 2021
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Financials
Sales 2021 534 M 624 M 624 M
Net income 2021 -55,8 M -65,3 M -65,3 M
Net cash 2021 304 M 355 M 355 M
P/E ratio 2021 -16,4x
Yield 2021 -
Capitalization 899 M 1 052 M 1 052 M
EV / Sales 2021 1,12x
EV / Sales 2022 1,00x
Nbr of Employees 4 500
Free-Float 46,0%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 7,09 €
Average target price 8,93 €
Spread / Average Target 26,0%
EPS Revisions
Managers and Directors
Harold Goddijn Chief Executive Officer
Taco Titulaer Chief Financial Officer
Derk Johan Haank Chairman-Supervisory Board
Charles W. Davies Group Chief Technology Officer
Jacqueline A. Tammenoms Bakker Deputy Chairman-Supervisory Board
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