SAFE drivers will soon be rewarded with lower insurance premiums, thanks to a Yorkshire-based technology company.
The Floow is designing a low cost telematics system, which, in the longer term, aims to make vehicles cheaper and safer.
The Sheffield-based telematics specialist has been appointed by RSA’s Scandinavia-based Codan Insurance to deliver what is believed to be the region’s first telematics smartphone application.
The Codan Forsikring application monitors driving behaviour so users can become safer, smarter drivers. It has been made available to all drivers in Norway through Codan’s digital launch campaign. The data, which is captured and analysed by The Floow, provides users with a score related to their driving performance and feedback, which is used by Codan to reward safer driving with discounts of up to 20 per cent. It operates on a “try before you buy” model, which means motorists can put the system through its paces before they decide whether they want to buy the insurance.
Aldo Montefore, the chief executive and co-founder of The Floow, said: “We are delighted to be the chosen telematics and analytics experts to support the launch of this exciting and unique initiative in Norway – allowing road users the opportunity to see first-hand the economic, environmental and safety benefits that come from a better understanding of driver behaviour. During the trial, customers will be in a position to understand the full capability of the application – including potential reductions on their insurance premiums. Throughout the trial we are also welcoming feedback from customers, which enables our team to continue to develop and improve the technology.”
Paul Middle, the head of telematics partnering at RSA, said: “We’re very excited to have launched the first ever ‘try before you buy’ app in Norway. We’ve had a lot of success with telematics in the UK and we are now seeing demand for similar services in other countries RSA operates in. We’re looking forward to helping drivers become safer and benefit from lower insurance premiums.”
The Floow, which employs 40 staff, was founded two years ago after gaining support from a business investment fund backed by Creative England, a not-for-profit organisation which uses public and private funds to support creative and digital industries. In late 2014, The Floow expanded its workforce after securing investment from the Direct Line Insurance Group. Last month, The Floow announced it was expanding its operations in to the US and Canada. It already has staff based in Italy, France and Switzerland.