Octo Telematics has surpassed the activation of three million usage-based insurance (UBI) users in North America, which is 50% increase in one year.
The global demand for UBI is growing rapidly and is predicted to reach 93m global policies by 2020. With continuous development of new products and services to address the evolving market’s technology and mobility needs, Octo North America is one of the company’s fastest growing regions across its global footprint.
New innovations have included the extension of Octo’s portfolio with the North American launch of “Fleet” for Commercial lines – an easy to use, fleet owner friendly and affordable Telematics program, and “Glimpse Plus” – a digitally-enabled telematics service that provides a reliable way for insurers to use the combination of policyholder smartphones and a small tag sensor to gather accurate data on driving behavior, as well as more detailed crash detection for claims analysis.
“Octo continues to bring cutting edge, reliable telematics solutions to the market, continuing the company’s 15-year history as one of the pioneers in the global telematics industry,” said Nino Tarantino, CEO of Octo North America.
“Technology is the driving force in the evolution of insurance, as well as the future livelihood of insurance agencies, and we are proud to work with more than 24 multiple-tiers Insurance partners in North America to keep them at the forefront of these changes. Glimpse Plus, in particular, is currently a huge success, as the additions of sensors and smartphone capabilities grow in popularity.”
With the mass market and penetration of smartphones, a new wave of insurers are using smart phones for UBI – the addition of sensors with higher quality, reliable data is particularly driving great interest.
Glimpse Plus, a hybrid solution with smaller, cheaper sensors – yet more reliable, high quality data than smartphone-only solutions – combines the smartphone user experience with the intelligence of a tag to identify drivers, drastically reduce smartphone battery usage, providing better UBI score and crash capabilities – detection, validation, and reconstruction.
The company’s credibility also continues to expand with recent awards such as Best Insurance Telematics Product or Service of The Year at TU-Automotive Detroit 2017 , a partnership with Agero for Roadside Assistance, and initiatives such as becoming a Guidewire PartnerConnect™ Solution Partner and launching a platform-to-platform integration.