An insurance telematics proposition to improve the performance
Risk pricing, crash and claims, customer relationship management (CRM): insurers traditionally operate in these three areas, analyzing and pricing risk, managing “bad events” and managing customers. These fundamental processes that characterize their job, may not perform at the highest level when insurers are not capable of collecting and managing the right type of data.
Octo’s insurance telematics proposition operates at the exact spot where subjective and late data can result in an unprofitable insurance offer. Data provided by Octo are indeed objective, since it is collected in real time and based on real risk. Thanks to this new approach, customers become part of the entire insurance process, where they can constantly interact and contribute to profiling driver behaviour, on which the insurers can customize the perfect offer.
The positive result is clear in terms of a better selection (of risk), better retention and cross sale, cost reduction and revenue generation based on client segmentation, innovative added services (app), and customer loyalty.
The Octo solution has a profound impact on the improvement on loss ratio: claims and repair management are under control and considerably reduced while customers can learn how to improve their driving behaviour. It’s a win-win outcome, where both insurers and policyholders gain: companies achieve profitability improvement while customers obtain insurance discount and benefit from safer driving.