The Year of Firsts
As the year comes to an end and we look back at what we’ve achieved in 2018, we are bursting with pride and awe at what the market has accomplished and how Octo has played a key role…
In ‘Ovum’s Decision Matrix: Selecting an IoT and Telematics Service Provider, 2018–19’, Octo was positioned as the overall market leader in terms of technology, execution, and market impact. Ovum’s publication positioned Octo above competitors Vodafone Automotive, LexisNexis Risk Solutions, The Floow, etc. The report also confirmed that experimentation around IoT and telematics remains an important priority for insurers, who need to identify a provider that has the propositions, geographic footprint, and execution capabilities that align with their strategy and ambitions.
In Ptolemus’ Dashboard, Octo was also shown as having retained the dominant TSP market leader position with a 36% market share. Furthermore, market leadership was confirmed as being retained in all our key markets Italy, North America, UK and Spain. The global market size surpassed 20 million UBI policies with six new programme launches, in which one third were smartphone based. Notably, the Chinese market was also seeing some traction with a reported 1.8 million policies.
2018 was also a year to continue to foster various strategic alliances:
The Octo-WTW strategic alliance was bolstered and we attended numerous events including InsurTech:Peril Or Opportunity- How Prepared Are You?, in London and The Observatory event in Milan. We also announced a strategic partnership and minority investment in Nebula Systems Ltd, the automotive diagnostics and data acquisition company. Our relationship with St John’s University went from strength-to-strength and we continued to grow our extensive partner ecosystem and network.
We attended over 100 events, in 40 different cities, successfully signed over a dozen new and existing major clients and continued our strategic activities through multiple webinars, speaking engagements, research presentations, editorial pieces and much more….
With such a fruitful and rich year, it becomes hard to narrow it down our favorite moments. So instead, we’ve decided to shed light on a few activities which we are especially proud of, and which were new to Octo:
1. Octo Global Summit:
For the first time in Octo’s history, the Octo Global Summit kicked off in Milan at Palazzo del Ghiaccio. Over 300 guests attended from the automotive and insurance industry, and together we discussed the future of mobility and the insurance ecosystem. Alongside our partners, futurologists, and academic experts, our Chairman and CEO took to the stage to share exclusive and illuminating content on the approach to new technologies and the role of “humanity” in this future. The following day, at the Ferrari Museum in Maranello, we showcased our Digital Driver technology during the first of its kind “Dynamic Demo” that showed the full capabilities of our digital proposition. Keep an eye out in 2019 for news on future Octo Global Summits!
2. 8-part “Women In Tech” Video Series
Starting on International Women’s Day, we released one video per week in honour of Octo’s strong and capable women. Not only are they instrumental in building and shaping the work we do, but also they continue to inspire and mold the larger tech industry and community.
3. Octo signed our first partners to the Octo DriveAbility Marketplace in North America
EverQuote was the first DriveAbility Marketplace partner to launch in the US. EverQuote’s EverDrive (ED) is a social safe-driving app and is integrated with Octo’s DriveAbility Marketplace to deliver a unique connected insurance experience. State Auto was the first insurer to join the DriveAbility Marketplace and offer auto insurance. Together with Everquote and State Auto we launched the first digital insurance marketplace based on telematics data from a smartphone application, leveraging Octo’s DriveAbility Marketplace solution and market-leading DriveAbility scoring services. Our Marketplace continues to grow and great things are on the horizon in 2019!
3. The Octo Grand Prix of Misano and Rimini Riviera
For the first time, the Octo Grand Prix of Misano and Rimini Riviera hosted over one 100 guests in an unforgettable weekend. The Octo VIP terrace above the pit-lane provided the perfect viewing area and our guests enjoyed the exclusivity of paddock visits, accessing the MotoGP garage, the starting grid and safety road…and more!
It was a wonderful, successful and innovative year and we are incredibly proud of everything that was accomplished! We extend the same wishes to you, to our clients and stakeholders, to our partners and community for an even more successful 2019!