Munich Re Partners with The Floow
Munich Re and telematics provider The Floow 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. 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.” – Head of Motor Consulting at Munich Re, Sabine Fischer.
“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.” – COO of The Floow, David James.
Bottom Line: The Floow and its insurance partners are about to meet new competitors – automakers – launching connected car solutions that may or may not include a telematics solution.