Octo will use real-time weather data from the two companies to fine-tune its Octo U app
Octo Telematics has partnered with IBM and The Weather Company to power its Octo U app with real-time weather data and perfect the app’s driver scoring algorithm. Octo U is a free mobile app that uses proprietary algorithms to offer custom-tailored pay-as-you-drive – or usage-based-insurance – quotes based on driver behaviour. Octo U has currently been launched in Italy, Spain and the United Kingdom.
Weather data is invaluable to perfect the risk-scoring algorithms used to evaluate driver behaviour. From road ice and snow to rain and hail, bad weather conditions have a direct and significant impact on road safety. The data provided by The Weather Company and processed by IBM’s Insight Cloud Services will allow Octo Telematics to fine-tune and boost the precision of the Octo U algorithm.
“Until recently, insurers have had difficulty creating unique profiles based on which to offer auto insurance for individuals,” explains Fabio Sbianchi, CEO, Octo Telematics. “By integrating weather data from IBM and The Weather Company with other data streams, we’re now able to digest real-time information on road conditions and command a better overview of driving habits.”
Octo U collects, analyses and stores telematics data on motorist driving behaviour, but can also serve as an invaluable learning tool by pointing out how to improve driving, alerting drivers to recurrent dangers (such as speeding, hard braking and how curves are negotiated) and increasing road safety in general.
The app employs a high-precision proprietary GPS-related algorithm to accurately calculate the g-force generated during driving events. The app automatically detects car journeys and ignores train and shuttle travel, while the driver can set the app to ignore road journeys as a passenger.
Usage-based telematics insurance solutions are becoming popular in North America and in European markets like Italy and the UK as they allow insurance companies to custom-tailor their policies to the driving style of individual policyholders. Octo is currently in advanced discussions with global insurance partners to launch its wide range of telematics products and services on a number of international markets.
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