The Floow will use funds from the deal to improve service offering and expand overseas operations
Direct Line Group (DLG) has taken a 15% stake in telematics firm The Floow.
The Floow had been supplying smartphone applications and telematics data analytics for the Direct Line DrivePlus telematics product range and DLG has now taken the move of acquiring a stake in the company.
The Floow chief executive Aldo Monteforte said the deal was recognition of the expertise the company brought to the market across all telematics devices.
“It’s a validation with reference to the work we have been doing together over the last couple of years, which clearly says DLG is pleased to the point it thought it would be good to participate in the equity of the company” he said.
“There is an expectation across the industry that a growing proportion of policies will be supported by telematics, whether via smartphones, professionally fitted devices, self-installed products or technology from car makers. What we offer is a thoroughly agnostic platform. We gather data from a variety of devices and guarantee consistent scoring outputs for all our customers.”
He also said that the deal meant that The Floow would be able to invest in the services it already offers in the UK, as well as expand its overseas activities.
“The contribution of financial resources will be dedicated to supporting the development of the company in light of very strong demand, and a very good appetite for our solutions in the UK with Direct Line, but also internationally,” he said.