CHICAGO--(BUSINESS WIRE)--UK based telematics innovator, The Floow, has announced the opening of its office in the US in Detroit on September 1 as it brings its industry leading approach to capturing and analysing mobility data to North America, the largest insurance market in the world.
The investment not only reflects an understanding of the need for a local presence and local expertise – with a senior team appointed who combined have decades of experience working for top US insurance providers – but its strategic location also underlines The Floow’s involvement with, and commitment to, the connected car universe.
Renowned for its innovative use of smartphone sensors, along with 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’s multi-award winning approach not only enables insurance companies to more accurately predict claims, but also to promote safer driving by their customers.
The Floow’s unique proposition is currently employed by major insurance companies across the globe, helping them to improve their loss ratios by enabling them to identify where the real risk lies in the individuals that they insure – rather than using more traditional attributes such as someone’s age or their zipcode – as well as providing a proven method to support their customers to become better drivers.
The new office represents the next stage of The Floow’s expansion into North America as it responds to a combination of issues faced by the market from an increase in the frequency and severity of crashes (driven by factors including the increase in annual mileage due to the low cost of gasoline, a rise in the number of miles being driven on highways at highway speeds and the growing problem of distracted driving) to increased competition, to the need to embrace a new digital approach.
Aldo Monteforte, Founder and CEO of The Floow, explains: “Not only does our proposition enable insurance companies to reduce risk, by helping to identify poor driving behaviour and working with the individual to improve it, but it also enables them to create a more positive customer experience that can help to differentiate their product in the marketplace.
“For example, by encouraging continual dialogue with their insurance company through the app by providing feedback on each journey, it helps customers to see that insurance plays a positive role in their day-to-day lives, rather than only being reminded of it either when their annual renewal correspondence arrives or when 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.”
The company, whose HQ is in Sheffield in the North of England, is looking forward to making Detroit its second home.
Aldo adds: “Like Sheffield, Detroit has a long and proud history of manufacturing excellence and is now also embracing its new identity as a major up and coming ‘tech city’ which made it the ideal location for our US base. Both cities are also home to companies whose success is based on bringing a fresh approach to an existing industry which means we know we will also be in very good company.”
For further information, interviews or images please contact The Floow press office.
Notes to editors:
The Floow tackles the world's number 1 killer of young people, road accidents, with a view to making individual mobility safer and cheaper for all. We serve leading insurers of the world with (a) predictive analytics that support accurate and fair pricing and (b) digital end-user services that aim to increase customer loyalty.
Our unique insights from vehicle telematics and external data also enable active management of air pollution and integrated traffic management within a smart city context, based on actual data and understanding of how people move.
The Floow technology and solutions are currently being piloted and deployed in Europe, the Americas, Africa and Asia. It has been growing organically since inception in 2012, and is majority owned by its management team.
Based in Sheffield The Floow is blessed with a team of over 90 people forming one of the largest independent computer and data science organisations in the global telematics industry focused on individual mobility.
For further information visit: www.thefloow.com