There is nothing negative about growth except the aftermath of growth brings a whole new set of responsibilities. Like in life, as an adult, we are expected to honour these new responsibilities in the best possible way, growth in business, too, get you a certain amount of tasks and added pressure with it. Over the last few years there has been exponential growth in the automotive sector. Roads are stacked with vehicles, and unfortunately, accidents are occurring too often. Making mobility safer has become essential. This concern hasn’t escaped the notice of people at Floow. Established back in 2012, Floow is tirelessly working towards smarter and safer individual mobility. The company’s approach comprises of harnessing sensors, software and data to assist the insurance and automotive industries in tackling the issue effectively.
‘Our purpose stems from the observation that modern mobility is rife with expensive inefficiencies. The worst of these are the millions of deaths and injuries arising from road accidents, a tragedy that hits the younger generations most of all. Road accidents are the leading cause of death for young people,’ said Monteforte.
Having started their almost eight years ago, Floow, as an organization, continues to grow bigger and better. The company currently has a workforce of over hundred professionals. In a considerably short span, Flow has accumulated billions of data miles. Their steady rise in the telematics cocoon fetched them the UK’ prestigious Queen’s Award for Enterprise in the Innovation category. The way Floow has slipped into the mould of telematics, the swiftness and authority of it has brought the company an astounding amount of regard. By backing their base of insurance partners by providing predictive analytics and digital end-user propositions that boost customer loyalty and retention, Floow remains focused on writing a new chapter in their history.
Floow can be deemed as extremely versatile when it comes to picking devices that are expected to act as platforms for bringing their mobility solutions into effect. From OBD devices to smartphone, Floow’s mobility solutions are designed in such a way that they can adapt to different set-ups in an equally hassle-free manner. These solutions are basically used to capture data and produce contextual scores that indicate the driver’s behavioural pattern. Creating a blend by roping data science experience and social science into the mix, Floow enables the insurance companies in making an accurate evaluation of the risk factor and subsequently offer helpful propositions for drivers that encourage safer driving.
‘Floow’s mobility solutions are kind of a win-win situation for everyone. Our insurance clients benefit from fewer claims and more granularity and accuracy in how they price risk the policies, whilst policyholders know that their premium reflects their real driving behaviour and that they have new tools and insights to help improve it,’ said Monteforte.
Unlike many, Floow’s telematics systems are devised to extend an exclusive incentive scheme that actually rewards the driver for better driving behaviour. In addition, the application offers customized feedback over aspects like mobile device distraction, speed and aggressive acceleration and deceleration. Besides the application, the feedback can also be availed through phone calls by a trained coach. If stats are to be believed, every coach prevents at least one accident every week. Floow is not only about innovation. The company has a strict stance on security of collected data.
‘We focus on providing a securely encrypted back-end data storage and analytics platform with an easy to use integration option with any data-gathering device,’ explained Monteforte.
The ability to use its expertise to hone their innovation makes Floow a distinguished yet reliable partner. Their undying hunger for improvement makes them a deserving candidate to guide the telematics industry up and ahead.