The Floow awarded 2016 Queen’s Award for Enterprise
The Floow receives recognition for its role in furthering the UK's reputation for innovation.
The Floow, a telematics company working with leading insurers across the world, has been awarded the prestigious 2016 Queen’s Award for Enterprise in the Innovation category – the UK’s highest accolade for business success.
Borne from the ambition to make mobility safer and cheaper for all, The Floow is recognised as a world-leading provider of analytical insights serving the global insurance industry, operating at the convergence of mobile technologies, large scale data mining and psychology applied to driver behaviour.
The firm is to receive one of the Queen’s Awards for Enterprise, announced this year by HM The Queen in recognition of the highest levels of excellence demonstrated in the Innovation category.
The announcement comes just months after the firm’s telematics data management platform received the coveted Prince Michael International Road Safety Award in recognition of the impact of its technology in influencing driver behaviour – working in partnership with the UK’s largest insurer, Direct Line Group.
Operating without geographical boundaries from its Sheffield headquarters, The Floow’s solutions are currently deployed in Europe, North America and China. The Floow technologies, developed by a 65 strong team of Sheffield based expert scientists, engineers and designers, serve leading insurers including Direct Line Group, American International Group, Royal Sun Alliance and the American Automobile Association (AAA).
The business has also built a reputation for excellence in derivative uses of telematics data; for example working in partnership with the University of Sheffield, and in coordination with the European Space Agency, to provide insights into air pollution in South Yorkshire.
In 2016 the company was revealed as one of the driving forces behind Move UK, a £5.5m project to establish the UK as the world leader in driverless car technology, working alongside Bosch, Jaguar-Land Rover, Transport Research Laboratory, Direct Line and the London Borough of Greenwich.
Last summer the firm’s founder and CEO, Aldo Monteforte, accompanied Prime Minister David Cameron on a trade mission to Asia in order to promote the country’s Fintech offering – he has since attended roundtables hosted by Downing Street and Tech City UK to discuss the challenges and opportunities for InsurTech and to present views on the impact of telematics on the insurance market.
Other recent recognition for The Floow came in the form of the Made in Sheffield mark – an internationally recognised brand exclusively awarded to quality products that are developed in the city of Sheffield, England.
Representatives of the team will now attend a formal reception to receive the award at Buckingham Palace later in the year; with a time for the Lord-Lieutenant of the County, The Queen’s local representative, visiting the company’s headquarters to present the award to be arranged.
Commenting on the award Aldo Monteforte, Founder and CEO of The Floow, said: “Over the last four years The Floow has become the trusted provider of telematics data services to some of the world’s best Insurers, leading the way in the telematics sector by delivering actionable insight into driver behaviour from an economic, safety and environmental perspective.
“Also thanks to these developments the UK is now seen as a leading global force in telematics data management, and the Queen’s Award for Enterprise provides invaluable recognition and an opportunity to highlight the benefits of telematics to our growing client base in terms of accurate insurance pricing, greater road safety and more cost-effective mobility. Through data – contextually enriched after capture from any telematics sensing device – our team delivers scores with demonstrably superior predictive power, advancing the insurance industry’s risk management frontier.”
Mark Robson, Regional director for UK Trade & Investment (UKTI) Yorkshire and the Humber, said: “The winning of a Queens Award for Innovation is the ultimate accolade for any business and in particular for a genuinely pioneering concern such as The Floow which uses its recruitment of renowned specialists from key scientific disciplines to help to secure its success in a rising number of export markets.
“We can never rest on our laurels and want to encourage more businesses to follow the excellent example of The Floow by selling their products abroad. Research shows that exporting is good for businesses of all sizes, making them more productive, innovative and resilient to economic downturns, achieving a stronger bottom line, enhancing their reputation and profile and ultimately making them more likely to stay in business. There is literally a world of opportunity out there and we must do all we can to inspire another generation of international operators.”