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Four million telematics insurance user milestone
Following key partnership agreements, Octo Telematics has grown its installed base of telematics based insurance units globally to over four million.
Insurance telematics system supplier, Octo Telematics has reached a milestone of four million connected users on the roads globally, following a year of new crucial partnerships that the company entered into with IBM and The Weather Company for data integration and with General Motors (GM) to provide Usage Based Insurance (UBI) and fleet management systems to GM customers.
Commenting on the achievement of this milestone, Octo Telematics’ Fabio Sbianchi said, “Four million connected and active global users is a huge milestone for our business and demonstrates the growing demand for our technology as insurers and consumers become increasingly aware of the value and benefits it offers.”
Telematics technology enables insurers to offer insurance policies that are tailored according to the policyholder’s driving patterns and performance. The combination of data and powerful algorithms can also provide crash and claim assistance services to the insurer and the insured. Octo’s Telematics technology is installed in customers’ cars through its network of 90 worldwide insurance partners, car manufacturers and rental companies*. Driving data is then collected in real time through Octo’s devices.
Octo’s Insight Centre has collected 380 billion kilometers of driving data and analysed 265,000 crashes to deliver comprehensive insight to its insurance partners.
Sbianchi adds: “The data not only provides actionable data to insurance partners, it also gives end users, insurers and fleet managers detailed insight into driving behaviour and creates an opportunity for our business customers to improve their financial results and consumers to reap financial rewards through reduced insurance premiums as a result of safer driving.”
Usage Based Insurance (UBI) telematics systems are gaining in popularity around the world with insurance research specialist SMA predicting that around 36% of all motor insurance suppliers using telematics UBI by the end of the decade.
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