Octo launches the first telematics insurance product for two-wheeled vehicles
Octo Telematics is set to launch Octo Rider 1, the first telematics insurance product expressly conceived and developed for two-wheeled vehicles, onto the European market.
Octo Rider 1 is the first telematics-based insurance product that provides motorbike drivers with personalised insurance policies based on the “pay as you drive” concept. The advantages provided by Rider 1, however, are not limited to personalised insurance premium costs, but also include a helpful series of added value services such as motorbike geo-location, which is useful in case of theft, and emergency service requests for serious accidents.
“Since 2002, we have embarked on a strategic track that has allowed us to develop the telematics insurance sector both in Italy and internationally. We daily provide value added services to help our partners manage our 3.2 million active customers,” explains Fabio Sbianchi, CEO Octo Telematics. “Rider 1 marks a new step in the cutting-edge technological services that are being developed by Octo.”
Octo Telematics has also announced the sponsorship of the Pramac Racing Team. Octo will provide the Moto GP team with innovative telematics data analysis tools that will benefit pilots and regular motorcyclists alike.
In fact, Octo developed Rider 1 whilst operating on the technological frontier of motorsports and has now extended these benefits to everyday motorcycle and scooter drivers. After purchasing a policy, motorcyclists throughout Italy and other participating countries can turn to Octo Telematics certified installers and activate Rider 1 on their motorbikes.
“A quick response in the case of motorbike theft and emergency assistance in the case of serious problems or accidents are fundamental,” emphasizes Danilo Petrucci, Pramac Racing Team Official Driver for the 2015 Moto GP season. “It is also a very useful tool for seasonal bikers.”
“Octo Rider 1” is the first high-tech package that Octo introduces specifically for motorcyclists. It includes the following services:
- Pay Per Use (PPU) – allows insurance companies to calculate insurance premiums on the basis of the total distance driven annually or on the period of the day during which the vehicle is routinely used (i.e., night time or off-peak use);
- Pay As You Drive (PAYD) – allows insurance companies to personalise the premium based on the type of roads (rural, urban, motorway) driven. The data acquired via the telematics device allows insurance companies to personalise policies based on policyholder driving style and use;
- Stolen Vehicle Recovery (SVR) – “Rider 1” allows motorbikes to be geo-located by the user via a service centre that will also activate the motorbike recovery process;
- Alert Services – these include special added value services such as Battery Charge Alerts (Rider 1 monitors battery performance and alerts drivers via SMS or e-mail if the battery charge is low or problematic) and Battery Disconnect Alerts(notifies drivers via SMS or e-mail if the battery is disconnected).
OCTO RIDER 1
Octo Rider 1 is a compact, energy-efficient telematics device that is powered by a rechargeable battery. It includes a state-of-the-art microprocessor, a three-axis precision accelerometer and a GSM module with a built-in antenna and a GPS / GLONASS receiver.
All the data collected by Rider 1 is relayed to the Octo Data Centre, crunched and analysed to provide motorcyclists with a wide range of dedicated cutting-edge services. All policyholders can access their personal data via the on-line dashboard available on the Octo Web Portal.
The Octo Data Centre currently manages over 150,000 data points a minute and analyses this information to provide clients and insurance companies with competitive insurance premiums, a range of cutting-edge services to increase driver safety and road security, and reduce insurance fraud.
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