Over the past few years, rapid progress has been made in the field of telematics innovation but it is clear to me that the market has yet to reach the tipping point and become a mass market solution for personal lines insurers.
Telematics as a capability is now 21 years old, but there are only a little over 17 million telematics-enabled insurance policies worldwide (according to Ptolemus research). So why is it taking so long to expand?
We spend a lot of time talking to insurance companies about their plans to broaden their telematics offerings, and I would summarise their feedback in three main areas:
- Insurers are convinced that telematics holds massive benefits to them regarding the provision of accurate and fair risk pricing
- Telematics offers rich insights into individual driver behaviour that can be used to inform effective road safety initiatives, including education, coaching and incentives. The result of this is fewer accidents and safer driving and that benefits everyone
- Introducing telematics propositions is far from easy. It can be time-consuming, complicated and expensive
So to summarise, telematics is highly beneficial, but it can be difficult to do. And this has become one of the main areas of focus for the team at The Floow:
How do we help insurance companies deliver benefits from telematics faster?
We’ve spent the last few months developing a new proposition that we believe will enable insurance companies to launch new telematics propositions with speed and confidence: FloowDrive.
FloowDrive is a complete, production-ready telematics platform that uses the smartphone as a powerful mobility sensor. Configurable in just minutes, and customisable to meet a company’s brand and propositions requirements, FloowDrive delivers rich, engaging experiences for policy-holders, focusing on encouraging them to drive more safely and benefit from fairer pricing.
We’ve spent more than a thousand hours of developer time creating FloowDrive, and importantly have taken our six years of client feedback and learnings to build this innovative new platform. In doing so we took inspiration from the great innovators of our time who have taken a concept or technology and have totally reengineered it in a way that has revolutionised an industry. I’m thinking of how Henry Ford created scale and efficiency in the auto manufacturing industry with the Model T Ford, or how Sir Henry Bessemer did the same for steel production. Or how Steve Jobs revolutionised personal communications and productivity with the powerful elegance of the iPhone. In all of these examples, they took a process or product that was complicated and hard to do, and injected innovation that allowed for unimaginable scale.
That’s what we want to do for telematics with FloowDrive.
We will launch FloowDrive at the Insurance Innovators event in London on March 20th where our CEO and founder Aldo Monteforte will demo it for the first time.
If you don’t get the opportunity to see us at this event we will also be attending Telematics Insurance in Chicago on April 25th and 26th for our official North American launch, and then the Dig-In event in Austin from 14th to 16th May.
You can also sign up for our FloowDrive launch webinar on 22nd March at 3pm GMT. And do look out for updates and information on our website and social profiles, LinkedIn and Twitter at @thefloowltd.
If you can’t make any of the events listed above and would like to find out more about FloowDrive, contact us on firstname.lastname@example.org to request a demo or further information.
I’m incredibly excited about what FloowDrive has to offer and am very proud of the team that’s worked so hard to deliver it. We’re convinced that together with our insurance partners, FloowDrive will be able to make mobility safer and smarter for everyone.
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