FloowFusion Combines Mobile Technology with Robust Connected Vehicle Data to Deliver a Competitive Advantage for Connected Insurance Providers
HERZLIYA, Israel and SHEFFIELD, United Kingdom, Sept. 20, 2022 (GLOBE NEWSWIRE) — Otonomo Technologies Ltd. (Nasdaq: OTMO), the platform powering the mobility economic system, as we speak introduced that The Floow, an Otonomo firm, has unveiled FloowFusion, a breakthrough new know-how that permits insurance coverage suppliers to simply leverage linked automobile information with current smartphone information to energy linked insurance coverage insurance policies. Following Otonomo’s acquisition of The Floow, FloowFusion is the primary answer of its sort that can carry collectively The Floow’s industry-leading, smartphone-based insurtech answer with linked automobile information accessible by the Otonomo Smart Mobility Data Platform, offering entry to distinctive insights that will rework the way in which auto insurance coverage is written and managed. With FloowFusion, insurance coverage suppliers can simply leverage cellular and automobile telematics information to create new linked insurance coverage coverage choices, in addition to bolster current choices with further extremely correct information sources to ship a aggressive benefit.
“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,” stated 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 linked insurance coverage necessitated piecemeal integrations with third-party gadgets or automobile producers, creating vital technical and operational challenges for insurance coverage suppliers. FloowFusion is the {industry}’s first answer to ship telematics information that is actually supply agnostic. With the improved accuracy and predictive energy of The Floow’s telematics information, insurers can higher measure driver danger and value insurance policies in comparison with conventional danger fashions alone. With entry to near-real-time driving habits information, insurers can create higher pricing sophistication, enhance buyer experiences, and establish dangers to drive stronger resilience towards 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,” stated 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.”
The following key options and advantages of FloowFusion shall be embedded in and supercharge FloowDrive and FloowEquipment – the prevailing profitable choices from The Floow – with out including any complexity:
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Intuitive, Customizable In-App Experience: FloowFusion provides an easy-to-use interface with a easy automobile registration course of. It is clearly built-in into the scoring dashboard, dynamic localization and native UI conventions, enabling insurers to simply drive end-user adoption and engagement. Integration of FloowFusion within the current The Floow purposes stays extremely customizable and configurable, permitting insurers to fulfill their distinctive branding specs throughout the end-user app and any policyholder communications.
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Streamlined User Onboarding: FloowFusion’s onboarding communications are user-simple, retaining the registration course of extra environment friendly for the policyholder and the insurer, selling policyholder engagement. By lowering friction within the set-up course of, insurers can drive higher adoption.
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Highly Scalable With Rapid Deployment: FloowFusion is definitely scalable to help small-scale pilot applications, in addition to large-scale, world deployments. With speedy deployment choices, FloowFusion as a part of FloowDrive and FloowEquipment, will be deployed in weeks, in comparison with current options that can take a number of months to deploy.
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Cost Effective: The Floow’s app-based, out-of-the-box answer offers substantial value financial savings in comparison with current options available on the market that require customized deployments, delivering a higher return on funding.
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Connected Vehicle Data Consent: FloowFusion permits insurers to simply handle driver information sharing regulation compliant person consent, giving finish customers full management over how and when their driving information shall be used.
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Automated Collection of Vehicle Data: With FloowFusion, insurers are capable of routinely seize related automobile information based mostly on configurable time frames. This permits insurers to entry the info they should help their insurance coverage program on the required intervals.
FloowFusion shall be introduced on the InsureTech Connect Conference in Las Vegas (ITC Vegas) September 20-22, the world’s largest gathering of insurance coverage leaders and innovators. For extra info or to schedule a demo, please e mail: jamesc@otonomo.io.
About Otonomo
Otonomo (NASDAQ: OTMO), the platform powering the mobility economic system, is igniting a brand new technology of mobility experiences and providers. With Otonomo, suppliers within the transportation, mobility, insurance coverage, and automotive industries are lastly capable of harness mobility information and insights and rework them into strategic belongings and market benefits.
Our companions acquire entry to the broadest, most numerous, vary of knowledge from linked autos, cellphones, public transport, EV infrastructure, and MaaS with only one contract and one API. Vehicle and multimodal mobility information is reshaped and enriched to supply deep visibility and actionable insights and empower planning, deployment, and operations.
Architected with privateness and safety by design our platform is GDPR, CCPA, and different privateness regulation compliant, guaranteeing all events are protected and corporations stay privateness compliant throughout geographies worldwide.
Otonomo has an R&D middle in Israel and areas within the United States, Germany and the U.Ok.
More info is obtainable at otonomo.io and thefloow.com.
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