Why Telematics will be Vital to Help Drivers Understand Road Risk
Today is European Day without a Road Death day, an initiative which aims to raise awareness of the number of accidents and deaths that occur on our roads. According to the World Health Organisation, current figures suggest that around 1.24 million accidents and deaths take place on the roads every year. That’s a huge problem to tackle - and that problem forms the heart of our mission here at The Floow.
By harnessing the power of software, sensors and data, we have been able to develop telematics technology, scoring algorithms which make use of our data science expertise and road safety initiatives which incorporate social sciences right at their heart; all of which aim to help make a difference to these statistics.
A few weeks ago, our Chief Operating Officer, David James, was invited to accompany the UK Prime Minister, Theresa May, on her trade mission to Africa and whilst there he saw how our telematics technology could make a difference in this emerging market. David travelled from South Africa where our client Liberty Short Term Insurance is already making use of telematics through the development of an insurtech proposition serviced entirely online to Nigeria and Kenya which are countries at the very cusp of developing and integrating technologies that could benefit their young and growing nations.
We know that currently Africa accounts for 2% of the world’s vehicles but experience 20% of all road fatalities so this is a continent where telematics technology could make a significant and positive difference.
Of course, there are many potential issues to tackle here. These include the quality of vehicles, a lack of driver training and poor infrastructure in many African countries. The data and insights that telematics provides could help drivers, insurers and local authorities to understand risks more accurately and suggest improvements to help with driver safety, tackle road infrastructure issues and create more beneficial insurance policies for insurers and drivers alike.
At The Floow, we know that many of our solutions and road safety initiatives would be extremely beneficial in this market. With such young populations, many African nations have high percentages of people are under 30; creating engaging experiences which focus specifically on digital could be extremely beneficial in these markets.
Our apps allow users to understand their scores in context to their behaviour behind the wheel in order to make positive long-term improvements. As well as making them safer, improved driving behaviour can help achieve significant discounts on insurance premiums.
Finally, in areas with enough monitored vehicles there is our DataFloow service which takes our anonymised mass market data collected from vehicles and mobile sensors and it allows us to see a unique picture of road and transport patterns which can help relevant organisations and governments to plan for the future of mobility whether that involves autonomous vehicles and smart cities or basic road and transport infrastructure, all of which can have a positive knock on effect to the society as a whole.
For us, we see that there are clear opportunities to working in Africa, whether that be alongside our existing clients or with a number of relevant businesses in the insurance and finance sector, to improve mobility and road safety across the entire continent.
It is thought that by 2030 a quarter of the world’s population will live in Africa, around 60% of which will be under 25 years old, therefore it is a growing, exciting and interesting market that none of us can afford to ignore.
Initiatives such as EDWARD day provide a chance to renew the focus on the importance of road safety worldwide. At The Floow, it is our mission is to make mobility safer and smarter for everyone, wherever they may be in the world, and to deliver on that means focusing on the challenges and opportunities available in Africa and elsewhere.