The Floow at the Consumer Telematics Show

The Floow at the Consumer Telematics Show, Las Vegas

Article written by John Kramer

Members of our US team were among those flocking to the Consumer Telematics Show (CTS) on January 7th, where anyone and everyone from the automotive world gathered to get the latest news and insight on this fast-changing industry.

Taking place at the same time as the Consumer Electronics Show (CES), Las Vegas was a city brimming with new technology inventions, advancements, and future aspirations, attracting more than 182,000 visitors from 160 countries.

The key driver for these new technologies was invariably around improving the customer experience and engagement - making products more useful, interesting or informative and making using them as simple as possible.

For example, the BTFreq™ with Alexa - winner of the in-vehicle, audio/video innovation category at CES - enhances the experience of driving by connecting a smartphone to a vehicle to give users Alexa voice-activated assistance, hands-free calling, and music streaming through the stereo system.

In the insurance telematics world, a focus on the requirements of an end-user has traditionally been an afterthought, with most development effort centered around data collection, modelling and risk pricing. However, the user experience and how policyholders interact with insurance policies is now at the forefront of gaining engagement and brand loyalty. This is where insurers can make the greatest strides in increasing customer satisfaction.

The opportunities in this space are expanding all the time. OEM’s are increasingly building connected vehicle data services that can feed new telematics capabilities and business models. Vehicles are becoming smarter, driven by product innovations and sensors able to capture a wide set of data on all elements of the car, from vehicle usage to maintenance.

Data on how people use their vehicles is creating a wealth of information which can improve the customer experience, inform business strategy, and improve financial results. The key is being able to turn these large data sets into actionable insights that delight the customer.

The Floow’s expert team of data scientists use a combination of advanced data cleansing, standard actuarial techniques, and machine learning to score drivers’ performance and allow our insurance partners to accurately predict risk. Our world-class scoring system pushes behavioral scores to match and surpass traditional, non-telematics based insurance risk models and is proven to deliver an improvement of at least 25% claims benefit across the book.

For drivers using The Floow’s apps, our driver coaching team --comprised of academics and social scientists-- have a deep understanding of driver behavior and how to influence and improve results. Our deep social science background informs the way we present our scores to be easily understood by everyone. Further, scores can be uniquely tailored for insurers specific business needs to optimize user engagement and maximize improvements in driver behavior.

In addition, we offer optional rewards incentives that can be built into our app to help drivers make changes to their driving behavior. Our data shows our reward-based incentives help improve driver behavior in the riskiest segment by up to 54% and reduces the overall risk of accidents.

At The Floow, we continue to look at ways we can improve both our partners’ and their customers’ experience, looking towards the latest technology and continually learning and listening to feedback to deliver industry-leading products.

Upcoming Event...

The Floow at Dig-In 2019 Austin, Texas

From 29th to 31st May, The Floow’s team will be attending this year’s Dig-In conference in Austin, Texas. The annual Dig-In conference looks at the digital transformation of the insurance industry from autonomous vehicles and connected cars to big data and analytics.

The Floow will be sponsoring the Auto section of talks throughout the event which will see our North American VP, John Kramer, open proceedings on day one when he will be speaking on the topic of ‘Transforming Driver Behavior: A Paradigm Shift for UBI’.

John’s talk will consider the opportunities which are available to insurers to reframe UBI’s role by using individual behavioral insights created by telematics to develop and focus on initiatives, including rewards schemes and coaching programs, which actively improve driver behavior.

John will also be in conversation with Danny Maco, Head of Telematics, Mobile and Connected Products at CSAA, where they’ll be talking about telematics, the future of insurance and the partnership between CSAA and The Floow.

If you are attending Dig-In 2019 then we hope to see you there, you can find us at booth 44. For more information about our products and services, email us at info@thefloow.com