Global technology firm accelerates Yorkshire growth
A PIONEERING technology company has scooped a series of major contracts with global insurance giants as it ramps up its growth.
Sheffield-headquartered The Floow develops telematics systems, such as apps, to help make vehicles safer and cheaper.
When on the move, The Floow’s app can collect data to find out about the style of driving, smoothness, speed, duration of journey, phone interaction, time of day, among other factors. It processes this data and turns it into intellectual insight, which insurance companies then use.
The business launched in February 2012 and within six months, won a global tender for a contract with Direct Line. Today, it works with Accenture, Tracker South Africa and AIG.
The Floow started with a team of three and now employs 30, with plans in the pipeline to expand the team further.
Chief executive officer and co-founder, Aldo Monteforte, said: “If we continue to grow at this rate, in five years, we will employ 70 to 100 people in Sheffield.
“Our turnover is in excess of £700,000 but in August this year, we expect to see turnover reach £2.5m.”
The Floow, which is responsible for some of the most advanced telematics systems in the world, announced this week it has partnered with insurance giant AIG in Ireland to launch a smartphone app created to reward better driving behaviour.
The app is the first driving app with an automatic start/stop function to hit the market, and carries potential savings of 25% on car insurance premiums.
The Floow said it is also hoping to win a large contract in the USA.
Monteforte said: “We want to roll out our technology with as many clients as possible on a global scale. It’s a technology model which lends itself to be global.
“We operate for clients across the world from our base and home in Sheffield, working to further establish Sheffield as a world leading city, housing world leading organisations.”
The University of Sheffield is a minority shareholder in the company, with Fabio Ciravegna, professor of Language and Knowledge Technologies within the department of Computer Science at the University, a co-founder and a scientific advisor for the business.
The Floow, the name for which is based on Psychology’s mental stage of ‘enhanced productivity’, aims to power a product that encourages drivers to improve their driving, leading to fewer accidents on the road.
Monteforte added: “As a business we are committed to making driving safer and cheaper for all, and we are delighted to be working with partners such as AIG who share this ethos.”
He also said he has been extremely impressed with the talent he has discovered in Sheffield.
“I cannot praise the quality of talent in Sheffield enough. I have been really struck by the quality of the team in Sheffield and the infrastructure – the legal advisors, accountants, the university – they have all been incredibly supportive,” he said.
