Octo has reached three million customers worldwide, a connected vehicles record
Octo Telematics, the fastest growing provider of advanced telematics systems and services to the automotive and insurance industries, has announced a new important milestone: Octo now has three million customers, a connected vehicles record.
Whilst Italy still provides the bulk of Octo’s clients, international expansion continues at a steady pace; especially in the UK, where the recent extended partnership with “Insure the Box” has led to an extremely high rate of new policy contracts.
Commenting on this surge in the Octo customer base, Jonathan Hewett, CMO, Octo Telematics explained “Insurers are very comfortable with the idea that telematics can help them rate policies more accurately, but they are also increasingly starting to see the real benefits of proactive FNOL (First Notification of Loss) and claims management services.”
Indeed, one of the main drivers behind the marked increase in telematics popularity is an improved comprehension of the benefits delivered by technology, from more accurate and adequate pricing to tackling frauds. In the UK alone, estimates suggest that 380 fraudulent claims are made to insurance companies daily, which unfortunately translates into an average increase of £50 for all driver premiums.
Moreover, Octo Telematics also attributes the growth in its customer base to a wider sense of engagement in telematics technology, a growing familiarity with consumers who no longer see telematics as an avant-garde niche solution.
“Consumers will continue to drive telematics into the mainstream market,” explains Jonathan Hewett. “There is a huge global phenomenon around self-tracking and wearable devices, and this extends to cars. Consumers are beginning to understand that they can trade the information they collect on themselves and their environment for a better deal or service.”
Octo Milestones at a Glance:
- 3 Million Customers
- 12 years in the Insurance Industry
- Up to 172,687 new customers in a month
- 121 billion data points analysed to deliver insight to our partners
- Up to 72,000 data points recorded, processed and stored every minute