Direct Line Group purchases stake in The Floow

RNS Number : 7498L

Direct Line Insurance Group PLC

08 July 2014

 



Direct Line Group purchases stake in The Floow

8 July 2014

Direct Line Insurance Group plc ("Direct Line Group" or the "Group") announces a 15% equity investment in The Floow, a specialist UK based telematics service provider which has seen a rapidly growing global client base in the insurance and related market segments.   

As telematics adoption increases, this investment supports the Group's strategic aim of being a leading operator in this area. Since 2013, The Floow has been working with the Group as its supplier of smartphone applications and telematics data analytics for the Direct Line DrivePlus telematics product range.  The extrapolation and analysis of data from fixed, self-install and smartphone applications is intended to help the Group to price motor risks on an individual basis and reward safer driving.

For further information, please contact:

Neil Manser

Director of Corporate Strategy and Investor Relations

Tel: [phone]

Jennifer Thomas

Head of Financial Communications

Tel: [phone]

Direct Line Insurance Group plc

Direct Line Group is headquartered in Bromley. The Group has operations in the UK, Italy and Germany.

Through its number of well known brands the Group offers a wide range of general insurance products to consumers. These brands include Direct Line, Churchill and Privilege. The Group also provides insurance services for third party through its partnerships division, Brand Partners. In the commercial sector, the Group's NIG and Direct Line for Business operations offer insurance products for businesses distributed through brokers or direct, respectively.

The Floow Ltd

Headquartered in Sheffield, UK, The Floow is one of the world's fastest growing Telematic Service Providers. Founded by telematics industry veterans, it has rapidly established itself as the preferred Telematics Partner to world's leading insurance organisations, offering device-agnostic, actuarial analytics and digital services that increase ROI and customer loyalty. The Floow has radically transformed conventional telematics by spearheading the use of smartphones and harnessing contextual analysis for enhanced prediction of claim propensity. The Floow technology and solutions are currently being piloted and deployed in Europe, the Americas and Africa and Asia. The Floow has been growing organically and profitably since inception and is majority owned by its management team.

 

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