Loop

Loop is a managing general agent (MGA) which offers automobile insurance that employs telematics using smartphone sensors and artificial intelligence (AI) to measure road safety and customer driving behavior to price insurance policies. The company’s database of more than 100 million car crashes in 27 states along with information on traffic volume, roadway infrastructure, and weather data also factor into its pricing policies. Loop launched its flagship auto insurance product in August 2021, and planned to expand coverage to an additional ten states including Ohio, Illinois, Pennsylvania and New York.

Key customers and partnerships

As of 2022, Loop had ~4,900 customers with 80% of them being between the ages of 25 and 54.

The company partnered with TomTom (July 2021), a mapmaker and location technology specialist, to provide mapping technology (including speed profiles, traffic stats, and maps) to help Loop establish prices and help its customers drive safely.

Funding and financials

Loop raised USD 21 million in a Series A funding round in September 2021, co-led by Foundry Group and 01A to build out its AI-powered insurance technology.

In 2022, Loop recorded premiums of USD 7.9 million, and claimed to have saved USD 1,360 per customer through lower premiums.