The Floow Partners With Menora to Provide Usage-based Insurance Premiums to the Israel Market Using FloowKit Technology
The Floow has partnered with Menora Mivtachim (Menora), one of the top five leading insurance and financial groups in Israel. This new partnership was brought together via The Floow’s long-term strategic partner, Munich Re Global Consulting. Through this partnership, Menora will leverage The Floow’s FloowKit technology to power its innovative and market-first ‘Menora ON’ kilometer-based connected insurance offering.
The Floow provides Menora with the capabilities to embed telematics technology into its own smartphone app, empowering the collection of data to provide customers detailed information on their driven journeys. This data collected includes speed, smoothness of driving, distraction and time of day, allowing the creation of a score for every journey completed. Available to customers as a fully mobile solution, Menora ON makes access to usage-based insurance premiums convenient for all insured parties. Using The Floow’s advanced driver risk scoring model, drivers gain greater control over their insurance expenses and can earn rewards for safe driving, including free kilometers and other customer benefits.
“The Floow’s FloowKit SDK has made it possible to innovate the way in which we provide insurance to drivers,” said Michael Kalman, CEO Menora Mivtachim Insurance Ltd . “With the solution embedded in our Menora ON app, we have full control of the customer proposition and the accurate driver risk scores, provided by The Floow. This allows us to understand risk and offer tailored pricing, enabling significant benefits for our customers. We look forward to our continued partnership with The Floow and Munich Re Global Consulting as we expand our insurance offerings and continue to make strides in the connected insurance market.”
FloowKit is The Floow’s software development kit (SDK), developed with more than 10 years of experience in analyzing driver behaviors to predict motor accidents. The mobile SDK code is embedded into our partners own app and integrates directly into The Floow’s platform, giving insurers the ability to securely gather data from app user journeys and score them reliably, with minimal effort required from the app developer. This information is then given back to drivers within the mobile app to provide customers detailed information on their driving habits.
“As one of the premier insurance providers in Israel, Menora is taking great strides to deliver new and innovative insurance policies that provide significant benefits for drivers,” said David James, Chief Operating Officer at The Floow. “With its usage-based value proposition, Menora ON will be a game-changing offering for drivers across Israel. We’re delighted to partner with such a forward-looking provider to power this new wave of auto insurance.”
If you would like to know more about how The Floow can help you implement a low – cost, fast to market, telematics solution, you can come and see our demonstration at DIA in Barcelona on the 28th June 2023, or contact
elisabetta.pizzini@thefloow.com
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