FlowFusion combines mobile technology with powerful connected car data to provide a competitive advantage for connected insurance providers
HERZLIYA, ISRAEL and SHEFFIELD, UK, September 20, 2022 (GLOBE NEWSWIRE) – Otonomo Technologies Ltd. (NASDAQ: OTMO), the platform that underpins the mobility economy, today announced that floatOtonomo, a company, has unveiled FloowFusion, a cutting-edge new technology that enables insurance providers to easily leverage connected vehicle data with existing smartphone data to operate connected insurance policies. Follow Otonomo Obsession From The Floow, FloowFusion is the first of its kind solution that can combine The Flow’s industry-leading smartphone-based Insurtech technology solution with connected vehicle data available through the Otonomo Smart Mobility Data Platform, providing access to unique insights that will Change the way car insurance is written and managed. With FloowFusion, insurance providers can easily leverage mobile and vehicle telecommunications data to create new connected insurance policy offerings, as well as augment existing offerings with additional high-resolution data sources to provide a competitive advantage.
“Drivers are increasingly in demand for connected insurance policies, yet many insurance providers are struggling to find technology solutions that provide the accuracy and predictability needed to write and manage these complex policies. This groundbreaking technology is sure to transform Otonomo,” said Ben Volkow, CEO and co-founder of Otonomo. The rules of the game are in the market and will fundamentally affect the future of the auto insurance industry.”
Conventional approaches to connected insurance necessitated fragmented integrations with third-party devices or vehicle manufacturers, creating significant technical and operational challenges for insurance service providers. FloowFusion is the industry’s number one solution for delivering truly source-neutral IT data. With the improved accuracy and predictive power of The Flow’s telecommunications data, insurance companies can better measure driver risk and rate policies than they can with traditional risk models alone. By accessing near-real-time driving behavior data, insurers can create greater price complexity, improve customer experiences, and identify risks to increase resilience in the face of market shifts.
“Connected insurance is the way of the future for auto insurers around the world. However, in order to be successful, insurance providers must be able to deliver a seamless end-user experience in a scalable and cost-effective manner.” Designed specifically for both drivers and modern data-driven insurance providers, FloowFusion is finally making connected insurance a reality.”
Intuitive and customizable in-app experience: FlowFusion adds an easy-to-use interface with a simple vehicle registration process. Obviously, it’s built into the enrollment dashboard, dynamic localization, and native UI conventions, enabling insurance companies to easily drive end-user adoption and participation. FloowFusion’s integration into existing The Floow applications remains highly customizable and configurable, allowing insurers to meet their unique brand specifications via the end user application and any policyholder communications.
User-friendly setup: FloowFusion’s in-flight connections are easy to use, making the registration process more efficient for the policyholder and the insurer, enhancing policyholder engagement. By reducing friction in the incorporation process, insurance companies can increase adoption.
Highly scalable with rapid deploymentFlowFusion can be easily developed to support small-scale beta programs, as well as large-scale global deployments. With rapid deployment options, FloowFusion can be deployed as part of FloowDrive and FloowKit in a matter of weeks, compared to current solutions that can take several months to deploy.
Cost-effective: The innovative, application-based Flow solution offers significant cost savings compared to current solutions in the market that require dedicated deployments, providing a greater return on investment.
Approval of connected vehicle dataFlowFusion allows insurers to easily manage Driver Data Sharing Regulation-compliant user consent, giving end users complete control over how and when their driving data is used.
Automated vehicle data collectionWith FlowFusion, insurance companies can automatically capture relevant vehicle data based on configurable time frames. This allows insurers to access the data they need to support their insurance program in the required time periods.
FlowFusion will be presented at InsureTech Connect Conference In Las Vegas (ITC Vegas) September 20-22, the world’s largest gathering of insurance leaders and innovators. For more information or to schedule a demo, please send an email to: email@example.com.
Otonomo (NASDAQ: OTMO), the platform that powers the mobility economy, is igniting a new generation of mobility experiences and services. With Otonomo, transportation, mobility, insurance and auto providers can finally harness mobility data and insights into strategic assets and market advantages.
Our partners gain access to the broadest and most diverse range of data from connected vehicles, mobile phones, public transportation, EV infrastructure, and MaaS with just one contract and one API. Multimodal and composite navigation data is reconfigured and enriched to provide deep insight and actionable insights and enable planning, deployment, and operations.
Built with privacy and security by design, our platform is GDPR, CCPA compliant and other privacy regulations ensuring that all parties are protected and businesses remain privacy compliant across geographies around the world.
Otonomo has a research and development center in Israel and locations in the United States, Germany and the United Kingdom
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This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Otonomo, the expected technological capability of Otonomo, the expected benefits from the acquisition of Neura, the amount and timing of the synergies from the acquisition of Neura and the markets in which Otonomo operates. and expected future financial and operating results for Otonomo. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may “should,” “will,” “will,” “will,” “will continue,” “likely to produce,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, As a result, they are subject to risks and uncertainties.Many factors could cause actual future events to differ materially from the forward-looking statements made in this announcement, including, but not limited to, the ability to implement business plans, forecasts and other forecasts, and the ability to identify and realize opportunities Additional, ability to successfully integrate Neura and potential changes and developments in a highly competitive data market The list of foregoing factors is not exhaustive You should carefully consider the foregoing factors and other risks and uncertainties described in Otonomo’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on March 31 2022 and other documents submitted by Otonomo from the time to another to the SEC. These filings identify and address risks and other significant uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Otonomo assumes no obligation and does not intend to update or revise such forward-looking statements, whether as a result of new information, future events or otherwise. Otonomo gives no assurance that it will meet its expectations.
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