7 minute read
Working in Partnership with Munich Re to Deliver Telematics' Benefits to More Drivers
Working in Partnership with Munich Re to Deliver Telematics’ Benefits to More Drivers
Article written by Matt Chalk
Advertisement
Earlier this year, The Floow announced our global partnership with Munich Re, one of the world’s leading reinsurers, allowing us to work together to provide The Floow’s telematics solutions and their benefits to Munich Re’s worldwide client base.
The combination of The Floow’s data collection, refinery and scoring solutions, alongside our product portfolio which includes our awardwinning, quick-to-deploy FloowDrive solution, with Munich Re’s insurance product and actuarial expertise will strengthen their connected insurance consulting offering to deliver a superior solution for their insurance clients around the world.
Speaking about our partnership, Head of Motor Consulting at Munich Re, Sabine Ottmann, said; “We see enormous appetite for the development of usage-based insurance propositions by our clients around the world… 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. Together we will deliver a best in class value proposition to our clients.”
A True Partnership
At The Floow, we are passionate about creating true partnerships with our clients and we see our collaboration with Munich Re not as a relationship between client and provider, but rather as a partnership which offers true value to both parties. As a result, we’ve worked closely with Munich Re to ensure we understand not only the market they work in but also the vast number of territories their business covers.
By drawing on the expertise we have gained from working across the globe, we can ensure that the products we deliver for each of Munich Re’s clients is tailored to the geography they are based in as well as the market they serve. With this partnership, we combine our technical telematics capabilities with Munich Re’s expertise in connected insurance product development, big data and actuarial know-how driven by Munich Re Global Consulting. Eventually, this will become a strong offer to insurers, auto manufacturers and even mobility platforms around the world, allowing them to introduce a telematics solution to their proposition.
We also believe in the importance of creating a two-way conversation between client and provider to ensure that feedback, whether new ideas or issues that need addressing, are heard, discussed and actioned appropriately, whether that involves providing a solution or developing an idea into a workable capability. Munich Re has valuable insights into insurance operations around the globe and we use this information to enhance our products accordingly and in the medium to long-term, we want to be able to strategically co-create new connected car products as the future of mobility continues to develop at a rapid pace.
Making Telematics Accessible
Through our partnership with Munich Re, it allows us to get even closer to our goal of making telematics truly accessible for everyone. Last year when we released our FloowDrive and FloowFleet solutions, we saw these as the catalyst for making telematics more accessible for all insurers so the benefits of telematics could be felt across the market.
FloowDrive and FloowFleet have allowed us to increase our client portfolio over the last 12 months, empowering us to focus on growing our capabilities and ensuring that we work more productively by moving to an agile development methodology. This allows our clients, including Munich Re and their customers, to reap rewards as we aim to continue meeting and exceeding client requirements as they continue to prepare for the future of mobility.
As Munich Re have a wide and varying reach across the insurance market, our accessible and robust suite of solutions can be offered to more insurers, with the backing of a partner who understands and champions our capabilities. Plus, Munich Re’s years of experience in this area adds tremendous value for the insurer and their proposition, helping them to create the most valuable solution from the moment development starts through to launch and beyond. Furthermore, the set-up allows our customers to include the connected insurance solution into their reinsurance agreements which can facilitate the first step into the connected insurance world.
With FloowDrive and FloowFleet, they are not only quick-to-market, customisable and robust solutions but they also combine The Floow’s seven years of telematics experience within one white-label platform. This includes our scoring and actuarial experience, excellence in technology and social science integration, all packaged into products which are designed to fit the business requirements of any insurer.
The first insurance clients that we have taken on board through our partnership with Munich Re are primary insurers in Germany and South Africa.
With the German insurer, we are developing a proposition aimed at young drivers under 25, to collect journey data across a number of different driving elements which is then analysed to deliver scores providing the client and their customers with insights into driver behaviour behind the wheel. This will help the client to predict policy prices more accurately and provide their policyholders with the opportunity to lower the cost of their insurance premium by making improvements to their driving behaviour and lowering their risk profile.
The beauty of FloowDrive lies in the ability to create a solution such as this which is aimed at a specific demographic and has been developed and released to market within a number of weeks, rather than the 6-9 months it takes to build a custom solution, whilst allowing the client to test and learn with their proposition, across their target market.
A Flexible Productised Approach to Telematics
Due to the vastness of Munich Re’s client base, a flexible approach was required to ensure that, as their telematics partner, we could provide the right solution for the varying and ever-changing needs of their insurance clients. As a result, the suite of solutions we offer to Munich Re’s customers span smartphone-as-a-sensor and device-agnostic integration enabling propositions to be built across both personal and commercial lines.
We have also made our entire product portfolio available to Munich Re, allowing insurers to add our FloowScore capabilities into FloowDrive and FloowFleet so they can develop their own scoring IP by training their claims data against our algorithm. There is also the opportunity to add optional modules, such as our Rewards programme, which can help develop and improve customer engagement and the user experience for an insurer’s policyholders when launching their telematics and connected insurance propositions.
By working alongside Munich Re and the insurance client, we ensure that the solution we create takes the required capabilities and packages them in a way which fulfils their business needs and is unique to their requirements, whether that focuses on language and location, the target market demographics or the customer experience delivered by the proposition.
By picking and choosing the capabilities which are right for them and customising areas such as branding, language and geographical requirements, it makes it easier to create a proposition which seamlessly fits into the insurers business. It also makes it easier to get out to market quickly so they can gain, or retain, competitive advantage which is extremely important as the insurance market continues to grow and develop so quickly.
For insurers, whether they are a start-up or a large legacy organisation, they can trust The Floow and Munich Re to work with them and use our extensive skills and expertise to make developing and launching a telematics proposition in their marketplace quick and simple.
The Future of Partnerships
At The Floow, we are excited to see where our collaboration with Munich Re will take us over the coming years. They are as committed and excited as we are about connected insurance and ensuring its benefits can be felt across the market, from their insurance clients through to the drivers who will be interacting with these propositions and using telematics as a way of improving their driving or obtaining a more affordable quote.
By listening to them and their clients, we can ensure that the collaboration between The Floow and Munich Re remains one of true partnership where we are working in sync towards the common goal of making connected insurance and its benefits more accessible for all, opening up the market and allowing us to continue our work towards fulfilling our mission of making mobility safer and smarter for everyone.
The Floow’s Chief Operating Officer, David James, has previously expressed his thoughts on our partnership with Munich Re; “Munich Re is an excellent partner for us to work with and we’re confident that they will help us to extend our reach and bring the power and benefits of telematics to many more insurers and their customers worldwide… 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.”
To find out more about The Floow’s partnership with Munich Re, you can check out the initial press announcement.
