To better equip insurers with insights that can offer stronger resilience against market shifts, leading telematics services provider The Floow today announced a partnership with global information and insights company TransUnion (NYSE: TRU).
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.
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.
Mark McElroy, executive vice president and head of TransUnion’s insurance business unit, said:
“At a time of unprecedented market disruption, our partnership with The Floow can help deliver unique, actionable insights to insurers. 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.”
Aldo Monteforte, founder and CEO of The Floow, said:
“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. 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.”