Munich Re disclosed it will partner globally with telematics provider The Floow.
The deal will help strengthen Munich Re’s telematics consulting offering but also allow The Floow’s products and services to be provided to insurance clients globally. Both companies hope that combining The Floow’s data collection, refinery and scoring products with Munich Re’s insurance products and actuarial expertise will boost service broadly.
Sabine Fischer, head of motor consulting at Munich Re, said that the partnership is timely, due to an apparently large market appetite for usage-based insurance products and services.
“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,” Fischer said in prepared remarks.
The Floow Chief Operating Officer David James said in prepared remarks that the partnership will work well in expanding his company’s reach.
“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,” he said.
The Floow, launched in 2012, has headquarters officers in Sheffield in the U.K. and Detroit in the United States. It’s market reach includes the U.S., Europe, Africa and South America. Its focus is on helping to boost safer driving with a goal of reducing claims frequency. The company claims it has helped insurers cut the likelihood of accidents in some of their poorest performing segments.
Source: Munich Re/The Floow