LoopIt.ai
LoopIt.ai is an AI-powered platform that automates vehicle damage assessments, streamlining the auto repair and insurance claims process to reduce costs, save time, and enhance transparency. By leveraging AI & ML, it transforms a 9-week manual process into a 15-minute automated solution, benefiting insurers, repair shops, and car owners.
Paul Varghese
4TU and TU/e
Construction Management Engineering & Urban Systems and Real Estate with a specialization in Construction Technology
Over het initiatief / About the initiative
In welke fase zit jouw initiatief? / In what stage is your initiative?
Uitgewerkt conceptfase
Heb je jouw initiatief al gevalideerd? / Did you validate your initiative?
LoopIt.ai has validated its initiative by collaborating with ABS Autoherstel, a Dutch auto-repair franchise with 80 outlets, to identify critical inefficiencies in the auto repair and insurance claims process. Furthermore, discussions with insurance firms have confirmed our assumptions, validated the existence of a market need, and verified the demand for our solution.
Meer informatie over jouw initiatief / More info about your initiative
LoopIt.ai is driven by a mission to revolutionize the auto repair and insurance claims industry through innovative technology and a customer-focused approach. Conceived during the EuroTeQ Collider program in February 2023, the initiative stems from a collaboration between leading technical universities, including TU Eindhoven, DTU, and TUM, fostering a culture of innovation and interdisciplinary problem-solving.
LoopIt.ai has gained recognition through participation in prestigious programs, such as the Philips Innovation Award, the IESE Business School Bootcamp in Barcelona, and securing the EAISI (Eindhoven AI and Systems Institute) award at TU Eindhoven, highlighting its potential to disrupt the industry. The team is currently refining its first Minimum Viable Product (MVP) and initiating pilot projects with potential insurance companies later this year to further validate and scale the solution.
Wat is er anders/nieuw aan jouw idee/oplossing t.o.v. bestaande oplossingen? / What is different/new about your idea/solution compared to existing solutions??
LoopIt.ai offers a comprehensive, end-to-end solution that automates the entire damage assessment and claims process using machine learning, reducing a 12-step manual process to 7 automated steps in just 15 minutes, compared to the traditional 9-week timeline. Unlike competitors that rely on physical hardware or provide limited functionalities, LoopIt.ai’s mobile-friendly WebApp delivers real-time, accurate assessments, integrates seamlessly with stakeholders (insurers, repair shops, leasing firms), and is scalable due to its modular software design, resulting in significant cost savings and fraud prevention.
Wat zijn jouw volgende stappen om het verder te ontwikkelen? / What are your next steps to develop the initiative?
LoopIt.ai plans to refine its MVP through ongoing pilot studies with interested insurance companies and repair franchises. The initiative will leverage high-performance computing resources at Snellius, the Dutch National Supercomputer, for further R&D and commercialization. The next steps include scaling operations across the EU, starting with Germany and the Netherlands, followed by broader European and global market expansion.
Wat heb je nodig om (nog meer) impact te maken met dit initiatief? / What do you need to make (more) impact with this initiative?
To maximize impact, LoopIt.ai requires additional funding to support R&D, pilot studies, and market expansion. Strategic partnerships with major insurance companies (e.g., Allianz, NN, ABN AMRO) and auto repair franchises will accelerate adoption. Access to advanced AI and machine learning expertise, as well as regulatory support for integrating with existing insurance and repair workflows, will further enhance scalability and market penetration.