The Floow Announces Next-Generation Connected Insurance Technology that Brings Together Smartphone and Connected Vehicle Data
HERZLIYA, Israel and SHEFFIELD, United Kingdom, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Otonomo Technologies Ltd. (Nasdaq: OTMO), the platform powering the mobility economy, today announced that The Floow, an Otonomo company, has unveiled FloowFusion, a breakthrough new technology that enables insurance providers to easily leverage connected vehicle data with existing smartphone data to power connected insurance policies. Following Otonomo’s acquisition of The Floow, FloowFusion is the first solution of its kind that can bring together The Floow’s industry-leading, smartphone-based insurtech solution with connected vehicle data available through the Otonomo Smart Mobility Data Platform, providing access to unique insights that will transform the way auto insurance is written and managed. With FloowFusion, insurance providers can easily leverage mobile and vehicle telematics data to create new connected insurance policy offerings, as well as bolster existing offerings with additional highly accurate data sources to deliver a competitive advantage.
“Driver demand for connected insurance policies is booming, yet many insurance providers struggle to find technology solutions that deliver the accuracy and predictability required to write and manage these complex policies. FloowFusion removes this friction for insurers by combining The Floow’s unique mobile technology and the breadth of connected vehicle data available through Otonomo,” said Ben Volkow, CEO and co-founder of Otonomo. “This groundbreaking technology is sure to be a gamechanger in the market and will fundamentally impact the future of the auto insurance industry.”
Traditional approaches to connected insurance necessitated piecemeal integrations with third-party devices or car manufacturers, creating significant technical and operational challenges for insurance providers. FloowFusion is the industry’s first solution to deliver telematics data that is truly source agnostic. With the improved accuracy and predictive power of The Floow’s telematics data, insurers can better measure driver risk and price policies compared to traditional risk models alone. With access to near-real-time driving behavior data, insurers can create greater pricing sophistication, improve customer experiences, and identify risks to drive stronger resilience against market shifts.
“Connected insurance is the way of the future for auto insurers around the globe. However, in order to be successful, insurance providers must be able to deliver a seamless experience for the end user in a way that is scalable and cost effective,” said Aldo Monteforte, CEO of The Floow. “By creating a product that is purpose-built for both drivers and modern, data-driven insurance providers, FloowFusion is finally making connected insurance a reality.”
FloowFusion will be presented at the InsureTech Connect Conference in Las Vegas (ITC Vegas) September 20-22, the world’s largest gathering of insurance leaders and innovators. For more information or to schedule a demo, please email: [email protected].
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