Taken from an article in Driven magazine from October 2019.
Last year, The Floow announced our global partnership with Munich Re, one of the world’s leading reinsurers, allowing us to work together to provide The Floow’s telematics solutions and their benefits to Munich Re’s worldwide client base.
Speaking about our partnership when it was first announced, Head of Motor Consulting at Munich Re, Sabine Ottmann, said; “We see enormous appetite for the development of usage-based insurance propositions by our clients around the world… The underpinning capabilities have to be right, and we’ve carefully selected The Floow as our partner because we believe in the quality of their offer. Together we will deliver a best in class value proposition to our clients.”
Through our partnership, we’ve combined our technical telematics capabilities, data collection and scoring solutions with Munich Re’s expertise in connected insurance product development, big data and actuarial know-how driven by Munich Re Global Consulting. Eventually, this will become a strong offer to insurers, auto manufacturers and even mobility platforms around the world, allowing them to introduce a telematics solution to their proposition.
Due to the vastness of Munich Re’s client base, a flexible approach was required to ensure that, as their telematics partner, we could provide the right solution for the varying and ever-changing needs of their insurance clients.
As a result, we have made our entire product portfolio available to Munich Re as well as allowing insurers to develop their own scoring IP by training their claims data against our algorithm. There is also the opportunity to add optional modules, such as our Rewards programme, which can help develop and improve customer engagement and the user experience for an insurer’s policyholders when launching their telematics and connected insurance propositions.
By working alongside Munich Re and the insurance client, we ensure that the solution we create takes the required capabilities and packages them in a way which fulfils their business needs and is unique to their requirements, so they can gain, or retain, competitive advantage which is extremely important as the insurance market continues to grow and develop so quickly.
The first insurance client we took on board through our partnership with Munich Re was primary insurer, ERGO, in Germany. With ERGO, we developed a proposition aimed at young drivers under 25, to collect journey data across a number of different driving elements which is then analysed to deliver scores providing ERGO and their customers with insights into driver behaviour behind the wheel.
This will help ERGO to predict policy prices more accurately and provide their policyholders with the opportunity to lower the cost of their insurance premium by making improvements to their driving behaviour and lowering their risk profile.
For insurers, whether they are a start-up or a large legacy organisation, they can trust The Floow and Munich Re to work with them and use our extensive skills and expertise to make developing and launching a telematics proposition in their marketplace quick and simple.
At The Floow, we are excited to see where our collaboration with Munich Re will take us over the coming years. They are as committed and excited as we are about connected insurance and ensuring its benefits can be felt across the market.
To find out more about The Floow’s partnership with Munich Re, check out the full article in issue 4 of Driven magazine.
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