Here you find all the latest news, views and events from The Floow.
Coronation Driving Behaviours
Analysis from the Floow predicts that roads will be quieter during the coronation celebrations of King Charles III on May 6th in the UK, with a potential 20% reduction in drivers on the roads, especially during what would usually be the morning commute. However, those who do venture out are likely to take longer and smoother trips, improving driving scores by around 5%, but also could lead to a tenancy to speed. The overall risk of accidents is expected to reduce due to lower exposure, but the proportion of trips taken in the early morning and speeding may lead to a slight increase in risk per mile so avoid driving between midnight and 4 am and to keep an eye on your speed.
Risk Segmentation using Telematics Data
Progressive, one of the most significant motor insurers in the US, recently dedicated its earnings call to its telematics propositions, explaining how it is the key driver of their best-in-class performance delivering a 3x difference in pricing between good and bad risks. However, these results are not surprising. The Floow, has also been turning mobility data into a granular and predictive understanding of risk for a decade and our Clients have reported loss ratios up to 15% better for their telematics books (compared to their traditional portfolio even after allowing for telematics discounts) with better drivers receiving up to a 60% discount on top of all the traditional rating factors.
How does a connected car insurance policy work?
Connected car insurance relies on technology to better match insurance premiums to how safely drivers drive. Policyholders who participate in a connected car insurance program, sometimes known as usage-based insurance, agree to monitor their driving behaviour using in-car technology.
Insurers Report: Now is the Time for Connected Driving (Germany)
Connectivity is now central to almost every aspect of our lives. The Covid-19 pandemic laid bare the increasing need for technology as an enabler for large businesses, independent retailers, schools and families to carry on with everyday life by staying connected.
Read our Insurers Report in German (Lesen Sie unseren Bericht auf Deutsch)
Vernetzung ist heute für fast jeden Aspekt unseres Lebens von zentraler Bedeutung. Die Covid-19-Pandemie hat deutlich gemacht, dass große Unternehmen, unabhängige Einzelhändler, Schulen und Familien zunehmend auf Technik angewiesen sind, um im Alltag vernetzt zu bleiben.