Munich Re has entered into a global telematics agreement with The Floow, which serves as a telematics data refinery for many major insurance companies.

The agreement will allow Munich Re to offer The Floow’s portfolio of solutions and capabilities to its insurance clients across the world.

The global telematics agreement is also expected to bolster Munich Re’s telematics consulting offering.

The Floow’s data collection, refinery and scoring solutions will be integrated with Munich Re’s insurance product and actuarial expertise to offer a superior platform for insurance customers worldwide.

Munich Re head of motor consulting Sabine Fischer said: “We see enormous appetite for the development of usage-based insurance propositions by our clients around the world.

“The underpinning capabilities have to be right, and we’ve carefully selected The Floow as our partner because we believe in the quality of their offer. Together we will deliver a best-in-class value proposition to our clients.”

The Floow COO David James said: “Munich Re is an excellent partner for us to work with and we’re confident that they will help us to extend our reach and bring the power and benefits of telematics to many more insurers and their customers worldwide.

“We’re excited by the opportunities that this partnership will bring and are already engaged in new projects in the Middle East, Africa, the Americas, Asia and mainland Europe.”