Over the last ten years, the way consumers think about motor insurance and their experiences with insurance providers have changed significantly. The advent of technology has changed the way consumers buy policies, how they are viewed by their insurer and also, how they communicate with insurance companies from quote and purchase through to queries and claims.
At The Floow, we believe that the ultimate goal for claims management is a touchless process, which compresses resolution time from months to days, reducing expenses and enhancing the experience for end users with near instantaneous cycle time and interventions.
With that goal in mind, our data scientists have collated a large amount of data from crash tests and other related sources and used those insights to build a solution which has analysed millions of journeys, and correlated the results against real-life claims from the books of a number of key global players in the insurance space.
After years of hard work and rigorous testing, our data science experts have created a robust, smartphone-based crash detection algorithm which we developed into a state-of-the-art crash detection service, and I’m delighted to announce the launch of this service, which is now available as part of our FloowKit solution.
With FloowKit, any partner app that uses our SDK can securely collect data from user journeys and score them reliably based on multiple factors including speed, smooth driving and distraction. The scored journeys are then provided back to the drivers in the app, and to the partner organisation that runs the app, via API.
Our new crash detection service can be added to a FloowKit insurance proposition to provide insurers with visibility of high severity impacts which can occur during the course of driver journeys. Our algorithm uses machine learning to assess, in real-time, the factors and conditions of each journey and evaluate if a high severity incident has taken place.
The crash data is sent via API, in near real-time to the insurer and/or dedicated contact centres. A crash report with all the relevant information is created and we will make that available in our Insurer Portal in the upcoming months. The instant crash notifications and the report allow for quick and effective claim handling including services such as roadside assistance and early FNOL surveys.
Our crash detection service provides important benefits, such as significantly reducing the cost of claims, less legal intervention, shorter replacement vehicle periods and faster fraud intervention. Furthermore, proactively responding when a crash event has been detected can save lives and add significant value to policyholders when it matters most. This is extremely important in a world where policyholders expect more from their insurers and where they are constantly on the lookout for the best, and most valuable service.
To find out more about our crash detection service and how it work with our FloowKit solution, get in touch via info@thefloow.com
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