Octo Telematics Milestones in 2015
As we near the end of the year, it is clear that the adoption of telematics systems and services is on the rise around the globe, driven by convenience, greater safety and a vast range of added value services. And it has been another fantastic year for Octo Telematics and its 151 insurance partners, carmakers and rental companies around the globe, too.
Octo currently has 3.8 million customers on roads throughout the five continents and has amassed a 96-terabyte database. Octo currently records, processes and stores 278,000 data points every minute to drive the development of state-of-the-art telematics insurance products and services.
Insurance telematics is steadily moving away from its original niche market, towards a larger consumer basin attracted by safety features, custom-tailored insurance policies and attractive added value services. According to Berg Insight, the number of telematics service subscribers (using embedded systems) will continue to increase at 39.9% per year, surging from 20.5 million subscribers in 2014 to over 153 million subscribers by the end of 2020.
Gartner Research has predicted that by 2020, in four years’ time, there will be one quarter billion connected vehicles on the road, while McKinsey & Company estimates that the global market value for connectivity devices and services will rise from the current €30 billion to €170 billion by the same year.
Indeed, new surveys report that telematics is actively improving driver behaviour. And this is great news for Octo Telematics, an insurance telematics market pioneer, founded by CEO Fabio Sbianchi in 2002.
Here is a brief review of the salient new partners, services and devices presented by Octo Telematics in 2015.
Octo Rider 1, the first telematics-based insurance product that was conceived and designed for two-wheeled vehicles, not only provides motorbike drivers with custom-tailored “pay as you drive” insurance policies, but also includes a range of added value services such as motorbike geo-location, which is useful in case of theft, and emergency service requests for accidents.
Octo Rider 2V is the first video recording system conceived for motorcycles and scooters. The device, which automatically records data and video of all accidents and critical situations, provides clear and unequivocal evidence of accident responsibility.
Pramac Racing Team Sponsorship
Octo became the new title sponsor for the Pramac Moto GP Racing Team that is now officially called the Octo Pramac Racing Team. After the launch of Octo Rider 1 in March, this new technology partnership with Pramac Racing will allow Octo to test and develop new innovative products and services for scooter and motorcycle drivers.
Octo also became the new title sponsor for the Silverstone Moto GP. Fabio Sbianchi said: “Silverstone is the home of MotoGP in the UK and The Octo British Grand Prix is a huge platform to demonstrate Octo’s commitment to international motorsports and to further our connected car and bike telematics services.
Octo U at Silverstone
Octo Telematics presented a new smartphone app – Octo U – that not only allows drivers to track, score and improve their driving style, but also provides participating insurance partners with an accurate and detailed risk profile of each motorist.
One million UBI-users
Octo Telematics, which launched on the North American Market in 2011, has sold over one million UBI-user devices there. It currently has 12 live UBI partner programmes in the United States and Canada, with two more set to launch by the end of 2015.
Octo Telematics 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 Telematics partnered with General Motors to provide usage-based insurance and fleet management solutions using General Motor’s OnStar technology. The new services will be available to insurers and fleet providers across Europe starting in mid 2016.
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