The Future of Risk: How Behavioural Monitoring Can Positively Impact The Future of Insurance Article written by David James and Dr Lisa Dorn
How do we envision the future of insurance, mobility and risk in 2019? The short answer is that it’s difficult to know because changes to technology are so fastmoving that its having an effect on everyone from insurers and local authorities to mobility providers and road users, including drivers, passengers and cyclists. In the previous issue of Driven, our CEO Aldo Monteforte set out his strategic vision for The Floow and our future development, based on six key trends surrounding the future of mobility, to ensure that we remain focused on helping our clients to successfully progress in this new world. One key area of Aldo’s strategic vision focuses on Behavioural Monitoring which allows us to better understand driver behaviour so risk can be priced more accurately, the future of our cities and road networks can be better planned with safety in mind and safer driving can be encouraged through driver education and the inclusion of social sciences into telematics propositions.
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Photo by Alexa Suter on Unsplash
This makes sense for The Floow which is a company built on a mission to make mobility safer and smarter for everyone. This mission has steered the development of understanding into the benefits that incorporating social science techniques into our telematics propositions could have on improving risk profiles and road safety. As a result, our Chief Education Officer and Associate Professor of Driver Behaviour at Cranfield University, Dr Lisa Dorn, began researching and developing what would later become FloowCoach, our driver coaching programme. This initially launched with the UK’s largest personal motor insurer, Direct Line Group, back in October 2015.
Encouraging Safety and Engagement FloowCoach was designed to take the scores generated by The Floow’s world-class scoring algorithms and provide tailored feedback,
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