TransUnion and The Floow Partner to Deliver Actionable Insights to Insurers Amid Market Shifts
TransUnion’s partnership with The Floow will help bring telematics insights to industry, creating more opportunity for insurers
To better equip insurers with insights that can offer stronger resilience against market shifts, TransUnion (NYSE: TRU) today announced a partnership with The Floow, a leading telematics services provider. TransUnion will begin introducing The Floow’s four main telematics solutions – FloowDrive, FloowFleet, FloowKit and FloowScore – that capture real-time driving behavior, to help insurers create greater pricing sophistication, identify market risks and improve customer experiences.
Telematics provides a near real-time view on what is happening with a particular driver and can help both businesses and consumers mitigate risk and address customer needs in the long and short-term. The Floow’s solutions complement TransUnion’s broad data set by offering a more complete picture of consumers and businesses.
“At a time of unprecedented market disruption, our partnership with The Floow can help deliver unique, actionable insights to insurers,” said Mark McElroy, executive vice president and head of TransUnion’s insurance business unit. “We are excited to partner with The Floow and introduce insurers to information that can improve the overall customer experience while also safeguarding businesses against market shifts both now and in the future.”
Insurers also will benefit from The Floow’s seamless implementation process. The device-agnostic nature of The Floow’s telematics data refinery, coupled with Scoring as a Service solutions, limits friction by allowing customers to use telematics from any device, 3rd-party telematics program, or connected car. Further, the accuracy and predictive power of the solutions allow insurers to better measure risk and price policies compared to traditional risk models.
“The Floow is driven by a dedication to deliver the highest quality telematics technology and services in a customer-focused manner, and TransUnion shares this same commitment to providing more reliable and accurate data and insights,” said Aldo Monteforte, founder and CEO of The Floow. “As we move through these unique times, it will be imperative for insurers to have access to information and solutions that allow for a greater understanding of how market changes have impacted both businesses and consumers.”
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
About The Floow
Based in Detroit in the U.S. and Sheffield in the UK, The Floow is a leading telematics service provider built on the mission to make mobility safer and smarter for everyone.
We do this by delivering Connected Insurance solutions to motor insurers that:
1) Improves their ability to assess risks through a suite of behavioral scores that are highly predictive of claims propensity and improve risk differentiation compared to traditional risk models.
2) Reduces operating costs by engaging drivers to help them improve their performance and turning them into partners in risk prevention, preventing fraud and delivering on timely FNOL
3) Collects data from smartphones as well as most other sensing devices or telematics services in an agnostic fashion
Over the years, The Floow has been recognized with a number of awards including the Made in Sheffield Mark, named winner of Prince Michael International Road Safety Awards, recipient of the Queen's Enterprise Award (Innovation), winner of Red Herring 100 in 2017 and recipient of DIAmond Award in 2017.
Our FloowDrive product was named Best Smarter Travel Innovation at the Smarter Travel Awards and The Floow was named winner of the Technology Innovation in the European Usage-based Insurance Industry from Frost & Sullivan in 2018, winner of the Insurance Times Tech and Innovation Data Analytics Excellence Award in 2019 and our FloowCoach programme was named Private Sector Initiative of the Year at the 2020 Young Driver Focus Awards.
For more information please visit: www.thefloow.com