John Kramer is the VP for North American operations at The Floow, a UK-based telematics and fleet management company. Kramer has a background in both telematics and the insurance industry.
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Can you provide some background on The Floow?
We’re slightly different than other insurance telematics companies out there. We were founded with the intent of making things safer and smarter. People do things that are risky. Our goal is to he others see what risks they are taking, and make them better drivers and save lives.
We’re empirically focused. About 70 percent of our staff is dedicated to the sciences, including data science, mathematics, and social sciences like behavioral psychology.
We create driver scores, and those scores are predictive of claims. What we’ve found is that those with the highest scores are have a claims rate of one every 20 years, and those people with lower scores have a claims rate of one about every two years or 18 months. They are an accident waiting to happen.
We work with large fleets and insurance companies, as well as OEMs. We want our partners to build IP on top of those scores. If they can provide claims data and enrich the data sources, anything they build on top of the Floow score is theirs.
How does the solution work?
We take sensor data from smartphones, installed devices, dongles, OEM data, etc., and run it through our algorithms. We then provide that back to end users. We also have a coaching platform, a rewards platform, and other services that can help with fleet management. A fleet manager can look at a dashboard and see how they are performing.
What do you see as the biggest challenges related to telematics/fleet management tools?
On the insurance side, they don’t know where to start or what they need to do.
Fleet managers want to do this. There is obviously a lot of benefit to understanding what their vehicles are doing and where they are. The biggest challenge for them right now is cost. Fleet products out there are tuned to large over-the-road trucking companies, or organizations with hundreds or thousands of vehicles. There’s a real opportunity for smaller organizations.
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What is driving adoption for the companies that are deploying fleet solutions?
Safety is a key driver. If you have an accident, the insurance company is going to surcharge you and there is brand damage.
The other side of it is productivity. If I know vehicle are being driven in a way to optimize them for efficiency, I can do route planning and location-based applications. If I need someone to get from point A to point B, I can dispatch them immediately. That’s good for business. There’s also a cost savings in operating the vehicle in a way that is more efficient. You can reduce downtime.
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