Oct. 17, 2016 16:05 UTC
Award-winning telematics provider continues growth and launches new
full suite of telematics products to meet the needs of today’s insurer
and their policyholders
NEWTON, Mass.--(BUSINESS WIRE)--
Please replace the release with the following corrected version due to
multiple revisions.
The corrected release reads:
OCTO NORTH AMERICA RELEASES NEW MOBILE AND IN-VEHICLE SOLUTIONS;
DOUBLES UBI TELEMATICS POLICIES
Award-winning telematics provider continues growth and launches new
full suite of telematics products to meet the needs of today’s insurer
and their policyholders
Octo Telematics, the number one global provider of telematics and data
analytics solutions for the auto insurance industry, announced today its
continued North American growth, having doubled its UBI telematics
policies – to over two million - in North America in the last year,
further meeting the needs of insurers in the U.S., Canada and Mexico. In
addition, the company released a suite of new telematics products for
connected cars - its telematics solutions are now available via both
in-vehicle solutions and mobile solutions via Octo Glimpse, Octo Vantage
and Octo Surround.
With actual driving data strongly influencing the predictability of
whether a policyholder will have an insurance loss or not, telematics
is now an important factor in the determination of insurance premium
pricing and services. When compared to traditional rating variables,
telematics data provides insurers with context about how a person
drives, and presents insurers with the opportunity to rate risk more
accurately. Octo’s robust portfolio gives insurers the ability to offer
solutions to users based on variable risks – for example, a higher risk
teen driver may be offered a full telematics solution via Octo SURROUND,
while a lower risk driver may be provided with Octo GLIMPSE, offering
telematics through the policyholder’s smartphone.
Such solutions must also make sense to the policyholder, providing
tangible value that pleases them while also aligning with the insurance
value proposition. Octo meets the needs of both today’s innovative
insurer and their mobile policyholders with two new mobile solutions, as
well as a robust in-vehicle solution, which provides the full suite of
telematics benefits. The suite includes:
-
Octo GLIMPSE – a simple mobile solution for driving intelligence. Glimpse
is the entry-level solution that makes it quick and easy to get up and
running with a simple mobile telematics program that offers driver
behavior, scoring and location-based services with the usage of the
policyholder smartphone.
-
Octo VANTAGE – a simple Bluetooth solution for driving
intelligence. Vantage is an enhanced mobile solution that utilizes
the Octo mobile app, Bluetooth connection and in-vehicle device to
more accurately monitor and score driver behavior and car health while
delivering location-based services with the usage of a low-cost
tethered telematics device.
-
Octo SURROUND - complete solution for driving intelligence. Surround
is a rebrand of our legacy “UBI in a box” product, Try&Drive, and is a
more robust in-vehicle GSM solution that makes all cars truly
connected cars. Not dependent on a mobile device, it offers the full
suite of telematics benefits — UBI, crash & claims, driver behavior
and scoring, vehicle health and location-based services.
“Since launching in the U.S. in 2011, we have been dedicated to working
with insurers of all tiers to innovate their business models with
telematics – we recognize the ever-evolving needs of both our insurer
customers and their policyholders, including the growing need for
flexible solutions that keep up with our ever-mobile world,” said Nino
Tarantino, CEO of North America, Octo Telematics. “Our new offerings
provide more flexibility than ever for anyone to have access to a
connected car and the world of important data that telematics provides
in building safer roads and safer drivers around the world. Our rapid
growth to over two million UBI product shipments in just five years is
indicative of the demand that will continue to catapult the industry."
The products come on the heels of Octo’s recent Fleet launch, a robust
in-vehicle GSM solution built specifically for commercial line
policyholders. It includes the full suite of telematics benefits—UBI,
crash & claims, driver behavior and scoring, vehicle health and
location-based services. Fleet adds dashboard views so commercial line
policyholders can get real-time insights into their fleet and business.
About Octo Telematics
Octo is the number one global provider
of telematics and data analytics solutions for the auto insurance
industry. Founded in 2002, today Octo is the largest and most
experienced insurance telematics company in the world, transforming auto
insurance through behavioral, contextual and driving analytics for more
than 60 insurance partners. Octo has more than 4.6 million connected
users and the largest global database of telematics data, with over 136
billion miles of driving data collected and 358,000 crashes and
insurance events analyzed (as of September 30, 2016). Octo applies
proprietary algorithms to this market-leading database to deliver
powerful new insights into driver risk, informing solutions that benefit
both auto insurance companies and policyholders. The company is
headquartered in London, with offices in Boston, Rome, Stuttgart,
Madrid, and Sao Paulo. http://www.octotelematics.com/
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