Having worked in Client Development since joining The Floow almost 4 years ago, I have gained considerable insight into what our clients in the insurance market want to see from a motor telematics proposition and what the key issues are when they are looking at investing in telematics for the future of their business.
When we speak to insurers, they usually point to the cost of telematics propositions and the considerable time it takes to scope, build and deploy them as one of the biggest factors stopping their investment in this technology. Many insurers struggle to prioritise this investment alongside other strategic opportunities and can find the complexity challenging and a barrier to test and learn activity.
For years, launching a new telematics proposition has been costly due to the bespoke nature of proposition development but the benefits this technology can bring to drivers, insurers and mobility is the main reason why we believe that the market is at a tipping point for huge growth.
FloowDrive is the new telematics platform that we launched in March this year. It offers clients a complete, production-ready telematics proposition that can be spun up in a matter of minutes rather than taking months of development time.
We can create a customisable smartphone app interface which incorporates your company’s branding requirements alongside an intuitive insurer portal which collates all the information you need about your customers’ journey data. This enables easily informed decisions to be made regarding an individual’s risk profile that enables you to price policies accordingly.
At The Floow, we have spent the last six years working with market-leading clients across five continents in the insurance, auto and fleet sectors. The combination of this experience and insight enabled us to develop FloowDrive and that is why we are so confident that this solution will continue to meet the needs of insurers as the industry evolves.
Another unique benefit that FloowDrive brings to our clients is the ability to build their own IP on top of our world class scoring algorithms, which draw on billions of miles of journey data. We enable this by training The Floow’s scores, which are proven to be highly predictive of claims, with an insurer’s own claims data. This allows insurers to more accurately predict claim propensity and severity.
This unique approach allows our service to become an incredibly valuable source of insight for our clients. Our data shows it can deliver up to three times the profitability per telematics customer versus our clients’ traditional policy types.
As a company, we know that customer engagement and retention is very important to the motor insurance industry, and increasing customer lifetime value will significantly uplift profitability. As a result, we’ve ensured that FloowDrive has a focus on making the user experience as engaging as possible.
On top of FloowDrive’s core journey scoring capabilities, we are adding specific features to the platform which focus on improved customer engagement for our clients. These include a Rewards module which allows drivers to be incentivised for sustained improvements in driving scores and encourages regular visits to the app during the policy term.
There’s also the opportunity to add in our driver coaching module, FloowCoach. This 12 week telephone coaching programme was designed by our team of social scientists to work with drivers in the lowest-scoring decile in order to positively improve their driving behaviour. Both of these capabilities are proven to make long term improvements to driver behaviour, as well as making motor insurance a more beneficial and rewarding experience for insurance customers.
FloowDrive is the culmination of 6 years of learning, 7 months of work, 1000+ hours of development and a passion and determination to make a positive difference to personal mobility by making it safer and smarter for everyone.
To find out more, contact us and request a demo at email@example.com
Share this article