Munich Re has entered into a new global partnership with The Floow, a provider of telematics solutions and a data refinery for re/insurers and manufacturers in the motor industry.
Under the arrangement, The Floow’s portfolio of solutions and capabilities can be provided to insurance clients around the world, while also strengthening Munich Re’s telematic consulting offering.
Munich Re claimed that it would be able to deliver better solutions for its clients globally by combining its insurance products and actuarial expertise with The Floow’s data collection, refinery and scoring capabilities.
“We see enormous appetite for the development of usage-based insurance propositions by our clients around the world,” said Sabine Fischer, Head of Motor Consulting at Munich Re.
“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,” she explained. “Together we will deliver a best-in-class value proposition to our clients.”
David James, Chief Operating Officer at The Floow, also commented: “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,” he added.