With this deal, The Floow’s portfolio of solutions and capabilities can be provided to insurance clients around the world while also strengthening Munich Re’s telematics consulting offering. Combining The Floow’s data collection, refinery and scoring solutions with Munich Re’s insurance product and actuarial expertise will deliver a superior solution for insurance clients globally.
“We see enormous appetite for the development of usage-based insurance propositions by our clients around the world,” said Sabine Fischer, Head of Motor Consulting at Munich Re. “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.”
According David James, Chief Operating Officer at The Floow, “Munich Re is an excellent partner for us to work with and we’re confident that they will help us to extend our reach and bring the power and benefits of telematics to many more insurers and their customers worldwide. We’re excited by the opportunities that this partnership will bring and are already engaged in new projects in the Middle East, Africa, the Americas, Asia and mainland Europe.”
About The Floow
The Floow launched in 2012 with a mission to make mobility safer and smarter via a range of innovative telematics solutions. Headquartered in Sheffield (UK) and Detroit (USA), The Floow serves as a telematics data refinery for many of the world's leading insurance providers and motor manufacturers across the US, Europe, Africa, and South America.
The Floow has a proven track record of helping people drive more safely and reducing claims frequency. Further, through its coaching services for higher risk drivers, The Floow has helped insurers to reduce accident propensity by a further 13 percent in some of the poorest performing segments of their portfolio. thefloow.com
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.