To estimate risk across driving, it is vital to understand the risk from the specific behaviours of each driver. This is the fundamental core of telematics – enabling the improved estimation of individual driver risk. However, it is not as simple as understanding the numbers of harsh braking events which poorly predict risk.
Instead, the core aim remains to add further to the understanding of a balanced and evidential view over all possible observable risk factors. However, it is vital in any such analysis and optimisation to ensure that any techniques employed remain:
Therefore, The Floow focuses core R&D efforts into improving fine-grained understanding of driver behaviour to optimise the above aims. This focus looks at new improved insights into behaviour to ensure the best understanding of driver behaviour is reached.
Ultimately, the study of ‘behaviour’ looks for meaningful discriminators, able to identify potential new characteristics of drivers such that they could enable better identification of good vs. bad risk driving. This work directly feeds into our future scoring approaches allowing for clearer insight and value for all our insurance clients.
UPLIFT is The Floow’s research project that seeks to strengthen the UK’s position in the motor insurance sector. Over the course of 21 months we will build better and fairer insurance products by expanding our telematics capabilities. This expansion will be powered by a series of studies into sensors and their data.
For more information, visit the UPLIFT project page.
How The MOVE_UK Project is Influencing the Future of Insurance
Preparing for this future is The Floow and Direct Line Group who have both spent the last three years working on the MOVE_UK project, alongside four other world-leading organisations, with the aim to reduce the timescale and cost of analysing data from autonomous vehicles through live trials in real-world environments.
Stepping up for Safer Streets by Developing a Deep Understanding of Driver Behaviour
This week (18th-24th November) is Road Safety Week, an annual event where road safety charity Brake, schools and businesses, come together to raise awareness about the number of accidents and deaths happening on our roads.
Driven #4 Oct 2019
This issue of Driven includes: The Future of Risk: How The Floow and Direct Line Group are Using MOVE_UK to Influence the Future of Insurance; The Ecosystems Beyond Insurance with DIA’s Roger Peverelli; Working in Partnership with Munich Re to Deliver Telematics Benefits to More Drivers.