LONDON -- January 26, 2016: Octo Telematics, the global leader in telematics for insurance companies and car makers, with 36 per cent of the market in terms of active UBI policies, announces that it has reached a milestone of four million connected users on the roads globally.
This announcement comes following a year of new landmark partnerships for Octo, with IBM and The Weather Company for data integration and with General Motors (GM) to provide Usage Based Insurance (UBI) and fleet management solutions to GM’s Onstar customers, demonstrating the company’s growing influence in the connected car space.
Fabio Sbianchi, CEO, Octo Telematics says: “Four million connected and active global users is a huge milestone for our business – it demonstrates the depth of our international reach and the growing demand for our technology. We have seen tremendous growth in the telematics industry in recent years, 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 and the mobile solution ‘Octo U’.
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 gives end users, insurers and fleet managers detailed insight into driving behavior 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 solutions are gaining traction in markets around the world. According to insurance research specialist SMA, approximately 36 percent of all auto insurance carriers are expected to use telematics UBI by 2020.
Key statistics:
- Four million connected users worldwide
- 36% market share in terms of active UBI policies**
- 130,000 Octo U users
- 380 billion kilometers of driving data captured
- 265,000 crashes recorded and analyzed
- Over 90 worldwide insurance partners
Octo Telematics integrates cutting edge technology into continuous product development Visit: OctoTelematics for more information.
*commercial projects
**2016 Ptolemus Report
