Munich Re, one of the world’s leading reinsurers, and telematics
provider The
Floow, with U.S. headquarters in Detroit, have reached an agreement
for a global partnership.
With this deal, The Floow’s portfolio of solutions and capabilities can
be provided to insurance clients around the world while also
strengthening Munich
Re’s telematics consulting offering. Combining The Floow’s data
collection, refinery and scoring solutions with Munich Re’s
insurance product and actuarial expertise will deliver a superior
solution for insurance clients globally.
“We see enormous appetite for the development of usage-based insurance
propositions by our clients around the world,” said Sabine Fischer, Head
of Motor Consulting at Munich Re. “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.”
According David James, Chief Operating Officer at The Floow, “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.”
About The Floow
The Floow launched in 2012 with a mission to make mobility safer and
smarter via a range of innovative telematics solutions. Headquartered in
Sheffield (UK) and Detroit (USA), The Floow serves as a telematics data
refinery for many of the world’s leading insurance providers and motor
manufacturers across the US, Europe, Africa, and South America.
The Floow has a proven track record of helping people drive more safely
and reducing claims frequency. Further, through its coaching services
for higher risk drivers, The Floow has helped insurers to reduce
accident propensity by a further 13 percent in some of the poorest
performing segments of their portfolio. thefloow.com
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance,
primary insurance and insurance-related risk solutions. The group
consists of the reinsurance and ERGO business segments, as well as the
capital investment company MEAG. Munich Re is globally active and
operates in all lines of the insurance business. Since it was founded in
1880, Munich Re has been known for its unrivalled risk-related expertise
and its sound financial position. It offers customers financial
protection when faced with exceptional levels of damage – from the 1906
San Francisco earthquake through to the 2017 Atlantic hurricane season
and to the California wildfires in 2018. Munich Re possesses outstanding
innovative strength, which enables it to also provide coverage for
extraordinary risks such as rocket launches, renewable energies,
cyberattacks, or pandemics. The company is playing a key role in driving
forward the digital transformation of the insurance industry, and in
doing so has further expanded its ability to assess risks and the range
of services that it offers. Its tailor-made solutions and close
proximity to its customers make Munich Re one of the world’s most
sought-after risk partners for businesses, institutions, and private
individuals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190515005717/en/