A recent report by global industry analyst Ovum ranks Octo as a “strong market leader.”
Octo Telematics is a “strong market leader” according to a report recently published by industry analyst Ovum. In particular, the report praises the competitive edge of Octo’s usage-based insurance (UBI) package and the company’s ability to support insurers in deploying the UBI product on the market.
The Ovum Report, entitled “Ovum Decision Matrix: Selecting a Telematics Service Provider, 2014–15,” analysed the capabilities of eight key telematics service providers. Octo Telematics was ranked as a market leader on the basis of its overall score for a wide range of parameters used by Ovum to benchmark the eight telematics service providers.
“It’s a great accolade for Octo Telematics to be recognised by Ovum as a market-leading provider of UBI solutions,” pointed out Jonathan Hewett, CMO, Octo Telematics, commenting on the Ovum Report. “As a result of our scale and market experience, Octo continues to lead the market by developing technologies that support both smartphone and mobile apps and on-line customer presentation via insurer and policyholder portals. We want to continue to deliver the best content and savings for the insurer and the policyholder respectively,” Jonathan Hewett explained.
Indeed, although usage-based insurance is still an emerging market and accounts for less than 5% of all auto insurance policies sold worldwide, the UBI market is growing rapidly in a number of key countries, including the United States, the United Kingdom, Italy, Canada, Brazil and China.
Octo Telematics has recently broken its connected vehicles record by announcing the three-million-customer milestone. Whilst Italy still provides the great majority of the company’s customers, North America and the UK are experiencing some of the fastest growth in policy numbers, as recently highlighted by the extended partnership with ‘Insure The Box’ in the UK.
Ovum provides global industry analyses via its 180 researchers in 23 offices worldwide. In May 2014, Ovum merged with Informa Telecoms & Media Research to create a single, market leading analyst house focussed on converging information technology, telecoms and media markets.
For further information:
- OVUM Report
- Octo Hits Three Million Customer Mark