The Floow has launched a new commercial insurance arm, FloowFleet, aimed at small fleets of up to 20 vehicles.
At a time when global commercial insurance prices are rising - and controlling fixed costs is a top priority for businesses midst Brexit uncertainty - the introduction of FloowFleet aims to allow businesses to manage fleet mobility more efficiently and reduce premiums.
FloowFleet will help fleet managers to track individual driver performance: monitoring speed, the smoothness of driving, levels of fatigue and the time of day journeys take place.
Data from each journey is collated in real time and safely logged to create a personalised driver score.
From this, business owners can track driving behaviour to better understand where drivers are performing well, or may need to improve their behaviour.
From recent international industry research conducted by the Floow, decision makers from more than 250 insurance companies believed telematics had a crucial role to make business drivers and consumers safer on the roads.
More than two in five respondents (44%) said telematics would improve risk modelling, whilst 40% said driver awareness could be improved as well as reducing premiums (40%).
The Floow’s chief executive Aldo Monteforte (pictured) said: “Our telematics proposition for fleet managers will help them handle their business more efficiently, invest in employee safety on the roads and potentially reward better driving with lower insurance premiums.
“With six years experience shaping the telematics market, our new FloowFleet product provides a robust, reliable fleet telematics solution that’s quick-to-deploy and easy to use.
“It is estimated that around a third of fleet vehicles in the USA currently use telematics and we see its rise within the UK business community as inevitable.
FloowFleet is supported by a strong product roadmap, and we have plans for multiple new features to launch in the coming year.”