Digital Insurance Agenda

The Floow: telematics propositions that improve risk management, encourage safer driving and help reduce claims

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Oct 9, 2019

The Floow is a leading telematics provider built on the mission to make mobility safer and smarter for everyone. Their capabilities include data science excellence, cutting-edge technology and the innovative use of social sciences to deliver unique insights to insurers, auto manufacturers and governments and local authorities and their customers.

The Floow operates worldwide delivering telematics solutions which help insurers price policies more effectively and drivers understand and improve their behavior on the roads to make them safer and smarter places for everyone. Their solutions includes:

  • FloowDrive: complete telematics platform removing time, cost and complexity barriers from telematics technology
  • FloowFleet: complete fleet telematics solution
  • FloowKit: mobile SDK
  • FloowScore: core scoring algorithm which sits at the heart of all our products and solutions
  • FloowCoach: driver coaching program​

The Floow pioneered the use of smartphones as powerful mobility sensors and became the first telematics provider granted approval to use smartphones as telematics mobility sensors in the USA. An approach recognized by industry body Ptolemus who awarded The Floow with 1st place in its UBI Supplier Rankings for European Telematics Service Providers in 2016 and 2018. Their road safety initiatives were recognized in 2015 with a Prince Michael International Road Safety Award. In 2016, they were awarded the highest award for innovation in the UK, The Queen’s Award for Enterprise for Innovation.

Currently, they work with a number of clients based across five continents, some of these clients include: Direct Line Group, AmeriTrust, Plymouth Rock, ACG/AAA, Fidelidade, HDI, Liberty South Africa and Munich Re.

Innovation is key-driver
The Floow continues to innovate and shape mobility’s future by working with local authorities and governments to help them prepare for the introduction of electric and autonomous vehicles and help lower pollution levels in our towns and cities.

The products they have developed and launched over the last 18 months have opened up the telematics market by removing the time, cost and complexity barriers from this technology making it more accessible, particularly for smaller insurers, who have struggled to invest in telematics previously. One of the ways they have done this is through the use of the smartphone within the FloowDrive product.

How it works

The Floow is a device-agnostic telematics service provider who collects data from a number of device types including blackboxes, OBD’s and smartphones. The journey data which they collect is anonymized and analyzed to provide driver scores in key component areas including speed, smooth driving, mobile distraction, time of day and fatigue. Their focus on the use of the smartphone means that they can collect distraction data from drivers during their journey relating to how often they are distracted by their mobile phone over the course of a journey. This data can then be used to improve driver behavior through the use of in-app feedback, coaching or incentives to help a driver make positive improvements to their behavior behind the wheel.

Why we selected The Floow for DIA Munich
The Floow is leading the industry with their unique approaches to scoring, education, coaching and incentives that are in use by insurers, fleet operators and auto manufacturers worldwide. With their new peer to peer platform, they enable users to lend their car to trusted individuals to make better use of their investment. While enabling insurers to instantly increase the appeal of their UBI offering and offer additional insurances.

Last time at DIA, they focused on peer to peer car sharing, through their GoWithFloow concept, and the future of mobility as fewer people opt to own a car or take their driving test. This time, they will be focusing on the future of insurance and how the products they have developed and launched over the last 18 months have opened up the telematics market by removing the time, cost and complexity barriers from this technology making it more accessible, particularly for smaller insurers, who have struggled to invest in telematics previously.

Who is The Floow?
The idea and vision for The Floow was first conceived by their CEO and founder, Aldo Monteforte, who wanted to make vehicles safer, smarter and cheaper for all. He saw the opportunity to change the telematics and insurance industries by making use of data and social sciences in ways that could change driver behavior and lower the risks on our roads.

Founded in 2012 by Aldo Monteforte, Dr Sam Chapman and Paul Ridgway, The Floow was and remains built on the mission to make mobility safer and smarter for everyone. Year on year growth has seen staff numbers reach around 110 with the majority based at the Sheffield HQ, next to the US office in Detroit and across mainland Europe.

They have spent the past year in an increased growth state, as a result of a £13m investment received from a consortium of organizations in March 2017. This investment was awarded for their potential to influence the future of mobility by leveraging powerful capabilities in telematics which have a very broad market relevance to clients around the world and across multiple sectors.

“When we first conceived The Floow seven years ago we had little in the way of resources, but we were foolish, hungry and laser focused to deliver solutions that would transform the insurance market and make mobility safer and smarter in the process.” Aldo Monteforte, CEO The Floow

https://www.thefloow.com

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