Global telematics company The Floow has launched a production-ready telematics platform, FloowDrive, giving insurance companies, fleet operators and auto manufacturers access to the telematics market.
While the current telematics market has grown by 26% in the last year to 17.4 million policies worldwide, the technology that pushes better safe driving and lowers insurance premiums has to date been limited to a handful of major insurers, it says.
The scale of financial and time investment and technological complexity required has been a barrier preventing more organisations from entering the telematics market. The arrival of FloowDrive, it argues, changes this.
Aldo Monteforte, CEO of The Floow, said: “The combination of our access to big data combined with world-class data scientists has helped us model personal scores for all drivers. Giving people access to these scores, as well as advice, incentives and coaching to improve them, reduces accidents, prevents driver distraction and makes drivers more self-aware when they are behind the wheel.
“The launch of FloowDrive sees the telematics market opened up to all companies that want to support safe driving.
“The days of investing many months to develop a credible telematics offer are now over. From today, any company can be up and running in a matter of days for a cost-effective sum.”
A new poll of more than 200 decision-makers from international insurance companies, reveals that the widespread adoption of telematics is now seen to be dominant in shaping the future of car insurance.
When asked how the motor insurance industry would change, all the top five factors mentioned related directly to the application of telematics.
David James, chief operating officer at The Floow, said: “Our aim is to encourage more insurance and fleet organisations to use telematics to make mobility safer and smarter for everyone.
“Through FloowDrive we can give these organisations a fast and cost-effective telematics platform that can be customised and branded for the client. FloowDrive ushers in a new chapter for telematics.
“The concept and benefits have been proven. Our new product can stimulate the market and deliver tangible road safety improvements that benefit everyone.”