Working to Co-Create IP With Our Clients

Aldo Monteforte - February 23rd, 2018

Series of lego blocks sat above each other on blue background

I was delighted to host a webinar this week, exploring a topic which I believe is vitally important to all of our clients – building unique IP with telematics.

As a leading provider of telematics solutions to insurers, auto manufacturers and fleet operators across five continents, we need to ensure that we can deliver on our client’s needs and one thing that we hear regularly is that creating, developing and owning differentiated intellectual property is critical.

Our telematics solutions are proudly device-agnostic. We can monitor journeys from any type of device, including smartphones, which are now capable of acting as powerful mobility sensors. The data we collect is then analysed by our data science experts and scored against the six key components of our algorithm which includes smoothness of driving, distraction and time of day.

Over the last six years, we have created a solid base of our highly predictive scores, drawing on billions of miles of journey data across five continents. Combining behavioural and contextual insights, those scores are proven to deliver an improvement of at least 25% claims benefit across the book.

Whilst we continue to develop those scores all the time, one thing our customers have asked for is the ability to train those scores from our trusted algorithm against their own claims data, and for that set of scores to be their own property.

This principal is absolutely core to our approach. Our telematics insurance clients build their own scoring IP on top of The Floow’s trusted algorithms by training those scores against claims data to optimally predict claim propensity and severity. This unique approach delivers three times the profitability per telematics customer versus our clients’ traditional policy types.

But what’s also unique is how we apply insights from social science to help improve driver behaviour via a suite of educational coaching modules and reward programmes. An overall score for each journey is provided to the driver and their insurer alongside a total score based on the driver’s journeys to date. By providing easy to understand scores as well as feedback on specific aspects of a driver’s behaviour, it can help a driver to engage with their driving and, where appropriate, make positive changes behind the wheel.

We work with each insurer to identify risk within their portfolio, developing an engaging value proposition and targeting drivers with appropriate programmes. For example, our driver coaching programme, FloowCoach, is proven to prevent 16 accidents for every 100 drivers who complete the course.

By being flexible enough to allow our insurance clients to build their own scoring IP on top of our trusted algorithm, we give them the opportunity to offer fair and realistic prices to their drivers which can cultivate relationships and deliver on ROI.

If you would like to find out more about how you can build your own IP with The Floow, please register to watch our latest webinar and get in touch with us at for a passcode for the event.

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