A Good Practice Guide for telematics-based car insurance products
Octo, the global brand leader in insurance telematics has teamed up with the Association for British Insurers, or ABI, to produce the Telematics Good Practice Guide. The ABI document is a complete guide outlining the actions that insurers should take in order to fortify trust in telematics-based car insurance products. Moreover, a legal framework is defined to ensure that all companies and insurers in this field are conducting business honestly and in compliance with the law.
ABI, a colossal figure in the British market, provides customers with the crucial general information needed when making insurance-related decisions. Just like Octo, transparency and quality service is what ABI holds as most important. Octo has shared its experience and know-how with ABI, especially regarding design, implementation, and management of insurance telematics programs, adding an element of hands-on familiarity of the field. Particularly, Octo Telematics shared its expertise on themes like managing the portability and interoperability between insurance companies.
Demonstrated in this publication, standard and ethical business practices among insurers will ultimately ensure that the consumer is treated fairly. With the Telematics Good Practice Guide, everyone can be sure that insurers will develop products that are consumer-friendly, easy to understand, and in compliance with standard technology policies. This will allow all those who purchase telematics-based automobile insurance to feel safe and trust that they made the right decision.
For more information, please contact Giampiero Luccitti, an Octo Telematics Subject Matter expert.