London, January 26, 2016 – Octo Telematics, the global leader in telematics for insurance companies and carmakers, with 36 per cent of the market in terms of active UBI policies, announced today that it has reached a milestone of four million connected users on the roads globally.
This announcement comes following a year of new landmark partnerships for Octo, with IBM and The Weather Company for data integration and with General Motors (GM) to provide Usage Based Insurance (UBI) and fleet management solutions to GM’s Onstar customers, demonstrating the company’s growing influence in the connected car space.
“Four million connected and active global users is a huge milestone for our business – it demonstrates the depth of our international reach and the growing demand for our technology,” said Fabio Sbianchi, CEO, Octo Telematics. “We have seen tremendous growth in the telematics industry in recent years, as insurers and consumers become increasingly aware of the value and benefits it offers.”
Telematics technology enables insurers to offer insurance policies that are tailored according to the policyholder’s driving patterns and performance. The combination of data and powerful algorithms can also provide crash and claim assistance services to the insurer and the insured. Octo’s Telematics technology is installed in customers’ cars through its network of 90 worldwide insurance partners, car manufacturers and rental companies*. Driving data is then collected in real time through Octo’s devices and the mobile solution ‘Octo U’.
Octo’s Insight Centre has collected 236 billion miles (380 billion kilometers) of driving data and analyzed 265,000 crashes to deliver comprehensive insight to its insurance partners.
Sbianchi adds: “The data not only provides actionable data to insurance partners, it gives end users, insurers and fleet managers detailed insight into driving behavior and creates an opportunity for our business customers to improve their financial results and consumers to reap financial rewards through reduced insurance premiums as a result of safer driving.”
Usage Based Insurance (UBI) telematics solutions are gaining traction in markets around the world. According to insurance research specialist SMA, approximately 36 percent of all auto insurance carriers are expected to use telematics UBI by 2020.
- Four million connected users worldwide
- 36 market share in terms of active UBI policies**
- 130,000 Octo U users
- 380 billion kilometers of driving data captured (236 billion miles)
- 265,000 crashes recorded and analyzed
- Over 90 worldwide insurance partners
About Octo Telematics
Octo is the global brand leader in telematics services for insurance companies, car makers, car rental companies and fleet managers. Its analytics-based software extracts telematics data from systems installed on cars and motorcycles to support insurance companies’ price risk, manage the costs of claims and fraud. Octo’s integrated technology enables greater car connectivity as well as pioneering a fast-growing range of specialist applications. Founded in 2002, Octo telematics now partners with more than 90 industry partners all over the world and serves over 4 million active subscribers. The company is headquartered in London, with offices in Rome, Spain, Germany, Brazil and the USA. http://www.octotelematics.com/en/
Octo Telematics integrates cutting edge technology into continuous product development Visit: http://www.octotelematics.com/en/ for more information.
**2016 Ptolemus Report
Christine Perkett for Octo North America