The UK’s thriving fintech community came together last week to celebrate the UK’s position as a leading fintech hub and the achievements of so many innovative firms driving growth across the country.
The week kicked off with the Innovate Finance Global Summit in London where attendees agreed data will be increasingly key to the future of insurance given the ubiquitous nature of sensors, and saw pace and attitude as the essential ingredients for any successful collaboration between incumbents and insurtech companies.
At The Floow we were able to contribute our latest innovation to the week’s focus on pioneering UK tech, launching a new product to make it quicker and easier for insurers to offer telematics to their customers: FloowDrive uses smartphones as a sensor to gather journey data and insights into individual driver behaviour, which in turn promotes fairer pricing and makes discounts and rewards available for better drivers.
The week rounded off with the government’s International Fintech Conference hosted by the Chancellor of the Exchequer, where The Floow was honoured to be invited to speak to an audience of industry peers, technology specialists, investors and policy-makers. Explaining that the availability, ambition and enthusiasm of highly-skilled colleagues had been a key driver for establishing The Floow in Sheffield in the North of England, The Floow CEO Aldo Monteforte went on to share the motivation for his mission to bring telematics to the mass market which is its impact on road safety: “the most exciting power of technology is its potential to save lives.”
Aldo also talked about his strong belief that telematics will soon be the standard in insurance propositions, saying “Telematics will become the new normal”. This is a position that many insurance industry decision-makers now agree with. In a recent research study by The Floow conducted by YouGov, the widespread adoption of telematics was seen to be dominant in shaping the future of car insurance. When asked how the motor insurance industry would change over the next decade, all of the top five factors mentioned relate directly to the application of telematics.
These factors were:
- Autonomous cars will have required insurance companies to totally rethink risk
- There will be greater car sharing, replacing outright car ownership, and a move to usage based insurance
- Telematics will become the new benchmark for defining risk and pricing of policies
- Drivers will have an overall score for their driving ability, affecting their premiums
- The insurance industry will focus more on ‘mobility’ as an issue
It was great to be part of the week’s spotlight on fintech firms; to tell our story, showcase our innovations and share our ambitions to continue to grow The Floow’s campus in Sheffield into a world-leading centre of telematics excellence.
For more information about The Floow or to find out more about our FloowDrive telematics platform, please email us at email@example.com
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