In recognition of The Floow’s industry leading approach to capturing and analysing mobility data, Fidelidade , the Portuguese insurance market leader with 28% market share , has appointed the company to work with it on its first telematics pilot, using Smartphone App technology.
The aim of the project is to replicate the benefits that employing The Floow’s unique approach has brought to other major insurance companies around the world – including an improvement in loss ratios, customer retention and new customer acquisition – in the Portuguese market.
The pilot, which will involve both new and existing customers, will trial a telematics based policy with 3,000 users over the coming months and will be the first smartphone app that monitors and rewards good driving behaviour in Portugal.
Crucially, the technology employed means that the app for the new product offering can easily be integrated within Fidelidade’s existing smartphone app to ensure a smooth transition for existing customers wishing to be a part of the trial.
Renowned for both its innovative approach to capturing mobility data using smartphone sensors and its ability to both enhance the value of, and make sense of, the data provided to create an accurate score for an individual’s driving technique, The Floow not only helps insurance companies to more accurately predict claims, but also to promote safer driving by their customers.
Aldo Monteforte, Founder and CEO of The Floow, adds: “By harnessing technology in this way and offering new insights we enable insurance companies to identify where the real risk lies in the individuals that they insure – rather than going on more traditional attributes such as someone’s age or their postcode – enabling them to take a more bespoke approach to pricing their premiums, where good driving behaviour is rewarded.
“Continual dialogue with their insurance company through the app also encourages customers to see that insurance plays a positive role in their day-to-day lives, rather than only being reminded of it either when the annual renewal letter lands on their door mat or they have to make a claim.
“It is this ongoing relationship with their insurance provider through our service, and the knowledge that if they drive safely they could enjoy lower premiums, that results in customer loyalty to a company and which also generates interest from new customers who are seeking a fairer and more transparent partnership with their insurer.”
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