Last week, I had the pleasure to be part of the team which launched The Floow’s latest product, FloowDrive, to the North American market. My colleagues, The Floow CEO and founder, Aldo Monteforte and Vice President of our North America operations, John Kramer presented a live demo of FloowDrive’s capabilities to a packed room of insurance industry decision makers.
The Connected Vehicles Insurance and IOT Conference in Chicago was the setting for the launch of the product that we believe will democratize the telematics market making it more accessible for insurance companies of all sizes across the US and Canada.
Latest research from the McKinsey Center for Future Mobility shows that progress for the update of telematics is increasing, but with the penetration of telematics technology currently at 20% in the US, the biggest telematics market in the world, there is still long way to go until it becomes pervasive in the industry.
Many insurance companies that we talk to in markets across the world tell us that the time, cost and complexity of building and adopting a telematics proposition are all barriers that have held them back from investing in this technology in the past.
Our FloowDrive platform removes these barriers. FloowDrive is highly flexible so it can support ‘test and learn’ deployments, but it’s also incredibly stable so it can form the heart of highly scalable propositions.
It is easily customizable so it’s possible to build and deploy a telematics proposition in a matter of minutes. For an insurer, all of this can be very beneficial as it allows them to get out to market quickly whilst also having a product which suits their needs and the needs of their customers.
As the future of mobility is set to become ever more connected, insurers will need to make use of these technological developments in their policies to provide their customers with the benefits of telematics from reduced policy prices to increased road safety through feedback, rewards and incentives schemes and driver coaching programs.
At The Floow, our mission is to make mobility safer and smarter for everyone and our FloowDrive platform has that mission right at its heart. By developing this solution it’s our intention to make telematics and its road safety benefits more accessible for everyone.
We hope you’ll see the benefits of this platform for you and your policyholders too. To find out more or to request a demo, email firstname.lastname@example.org
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