Insurance telematics and scoring innovator, The Floow, has been selected by AmeriTrust to partner on the development of a commercial auto telematics solution, using smartphone technology as a sensor.
The Floow’s smartphone-based telematics platform—FloowDrive—will form the core of AmeriTrust’s new commercial telematics product. The insurer will target commercial lines customers, piloting with Oil & Gas service vehicles, to monitor driving and provide services to their fleet and non-fleet drivers using a smartphone-based app.
In addition to the driver app, FloowDrive will provide AmeriTrust with a strong management information portal, showing the scores and behavior of drivers against each policy.
Using the smartphone as a powerful mobility sensor, AmeriTrust was able to go to market with the first wave of pilot customers very quickly with a highly innovative solution that will deliver dual benefits:
For AmeriTrust, FloowDrive will provide granular insights into the driving habits of fleet drivers by scoring them on a number of driving factors, including smooth driving, distraction, speed, time of day and fatigue.
Embracing a new technology-driven scoring and rating system will help AmeriTrust offer more accurate insurance pricing, provide a differentiated customer experience and develop a better understanding of their risk. Further, on top of the FloowScore platform, AmeriTrust has the ability to develop their own proprietary scoring that will become their unique Intellectual Property.
For business owners, the solution offers the opportunity for better intelligence on their fleet by understanding the behavior and risk of their drivers. It also allows them to share those insights with drivers via the app, and to intelligently act on and improve driver performance via coaching and feedback.
AmeriTrust operations & analytics vice president Josh Crumley said: “It’s always been our intention to offer our clients attractive and innovative solutions, so it’s exciting to be able to develop this telematics solution with The Floow.
“We have a strong belief that the smartphone can transform the relevance, customer engagement and accessibility of many of our solutions, so it’s great to be able to deliver this to our commercial lines customers. It’s intended to inclusively benefit AmeriTrust, our policy holders and our agency partners.”
The Floow North America Vice President John Kramer said: “A.M. Best has stated that the highest rated, best-in-class insurers will be those who fully embrace the power of technology within their capabilities and product offerings. AmeriTrust has a strong vision around telematics and an extremely customer-centric approach.
“We hope to partner in the long-term to scale the power of the smartphone to the commercial insurance space with a partner based in our home state of Michigan.”
Source: Company Press Release