The Government of UK has selected telematics company Floow to guide on its new UPLIFT project that spearheads development of new capabilities to maximise motor insurance fairness.
Through this collaboration with Floow, the government wants to understand risk and role of telematics in making insurance simple and transparent for motorists.
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Headed by a team of global experts in data science, driving behaviour psychology and insurance risk, the UPLIFT project will work to encourage motorists and the insurance sector embrace new technologies to cut incidents on UK roads.
The team will also collaborate to examine and develop bias analysis, identification and reduction, increase transparency and fairness for consumers and establish new industry standards in ethical data handling.
Floow CEO Aldo Monteforte said: “Through the UPLIFT project, we aim to define a blueprint for improving insurance products making mobility smarter and safer for all.
“For some motorists, the advent of big data can be scary, but in truth the new era of safer driving and personalised risk that telematics enables is empowering for the consumer – and will result in lower and fairer insurance premiums, fewer accidents and safer roads.”
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By GlobalDataA recent research by the Floow found that nearly 72% of drivers in the UK had used their mobile phone while driving.
Through better driver awareness of the risks of distraction, erratic motoring, tiredness and the dangers of driving at unsociable hours, the project aims to provide a significant improvement on UK road safety.
It is expected to reduce insurance claims at a time when the average crash costs the UK economy £83,893.
UPLIFT will also focus on finding ways to improve how fraudulent claims are managed. More than 215,000 fraudulent insurance claims worth £1.3bn were made in the UK in 2016.
