US expansion for leading telematics firm The Floow
Innovative telematics technology provider The Floow has confirmed that it has opened its first North American office, which will further accelerate the company’s strong momentum in the US and global growth.
The new office in Detroit represents the next stage of The Floow’s expansion into North America as it responds to a combination of issues faced by the Insurance market - from an increase in the frequency and severity of road crashes, to the need for the industry to embrace the digital age and create engaging digital customer experiences.
The expansion not only reflects an understanding of the need for a local presence and local expertise – with a senior team appointed who combined have decades of experience working for top US insurance providers – but its strategic location also underlines The Floow’s involvement with, and commitment to, the connected car universe.
One of the largest independent computer and data science organisations in the global telematics industry focused on individual mobility, telematics insights provided by The Floow have transformed the insurance operating model from transactional to one based on relationship and service.
Indeed, The Floow’s unique proposition is currently employed by major insurance companies across the globe, helping them to improve their loss ratios by enabling them to identify where the real risk lies in the individuals that they insure – rather than using more traditional attributes such as someone’s age or their zipcode – as well as providing a proven method to support their customers to become better drivers.
The company’s expansion news comes in the year that The Floow turns five, and having received £13m minority equity investment from leading China-based investment group Fosun, United Electronics Co., and Direct Line Group.
Aldo Monteforte, Founder of The Floow, said: “Just five years from its foundation The Floow is now a leading provider of telematics data services to the global insurance industry, and today my management team and I are proud to have reached agreement for the expansion in the US market, the largest insurance market in the world.
“This is a major milestone in our journey to make The Floow the best work place for all who aspire to harness sensors, software and data in pursuit of smarter and safer mobility.
“Like our home, Sheffield, Detroit has a long and proud history of manufacturing excellence and is now also embracing its new identity as a major up and coming ‘tech city’, which made it the ideal location for our US base. Indeed, both cities are also home to companies engaged in the evolution towards safer and smarter mobility which means we know we will also be in very good company.”
From a core team of three when the company was established today The Floow has more than 90 employees with plans to recruit an additional 21 employees before the end of 2017, continuing to invest in its Sheffield-based headquarters.
Monteforte continues: “As we venture into a new chapter of The Floow’s journey, my thoughts and gratitude go to all our staff members and to the many clients and partners worldwide who have selected us as their trusted provider of telematics technology and services. We look forward to working around the world to build products that protect human life and nurture well-being.”