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Value, Not Discounts, Key to Commercial Lines Telematics

Over the past year, Octo has seen significant interest in telematics solutions for commercial auto insurance. As insurers start seeing results from their personal auto usage-based insurance programs, they look for new ways to leverage telematics technology. With half of the 13 million commercial vehicles in the U.S. connected via telematics, bringing telematics to commercial auto insurance is a logical next step.

Price-based competition in commercial auto insurance has been a major driver of increasing combined ratios over the past few years. Often in our discussions with insurers, we come to the same sticking point — with record high combined ratios, they cannot make the business case for offering significant discounts to their commercial customers in exchange for telematics data.

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