Octo Telematics Milestones in 2017
We're entering a new year with high expectations for the telematics industry. Technology has come a long way since Octo Telematics was founded, and what better time than now to look back and reflect on all the successful moments and accomplishments of 2017.
One of Octo's missions has been to provide usage-based insurance, and what a few years ago was barely a niche market, has now proven to be a fruitful industry. The adoption of telematics systems and services is rising rapidly fuelled by its proposition of monetary savings, greater safety and a vast range of time-saving and attractive added value services.
According to Berg Insight, the number of telematics service subscribers will continue to increase at 39.9% per year, reaching over 153 million subscribers by the end of 2020. Gartner Research has predicted that by 2020, there will be over one quarter billion connected vehicles on the road. 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.
The very way in which we travel is changing rapidly. We are on course to experience a complete revolution in public and private transportation systems and modes, fuelled primarily by the innovations introduced by telematics. And this wide-ranging revolution will transform our vehicles, our habits, our roads and our everyday lives. New surveys report that telematics is actively improving driving behaviour and increasing road safety. And this is great news for Octo Telematics.
Octo is the number 1 global provider of telematics and data analytics solutions for the auto insurance industry, transforming auto insurance through behavioural, contextual and driving analytics for more than 100 insurance partners. Octo has more than 5.3 million connected users and the largest global database of telematics data, with over 175 billion miles of driving data collected and 433,000 crashes and insurance events analysed (as of 30 September 2017).
Here are Octo Telematics’ main milestones for 2017.
Octo Telematics signed an agreement to provide its telematics and data analytics services to LV= Broker. With advanced analytical capabilities, Octo started delivering a full range of telematics services to the insurance company to enable the insurer to price risk more accurately and streamline claims management. (Jan. 11).
Octo Telematics won the award for Best Supplier of Telematics Solutions for Insurance, OEMs, or Consumers by Auto Connected Car News. The award was based on votes cast by the readers of the news site (Jan. 18).
Edwin Colella, Octo VP Customer Projects - Car Sharing Unit, and Alain Sinquin, Octo SVP Sales & Marketing, participated in the roundtable on New Modes of Enterprise Mobility organised by Rencontres du Fleet in Paris.
He also wrote the article "What do self-driving cars mean for driving fanatics?" on the Huffington Post UK blog (Feb. 17).
Octo Telematics participated and sponsored the Telematics in Motor Insurance Conference in Leipzig, Germany (Feb. 7-8) and was present at the Motor Insurance Conference held in Vienna (Feb. 15) and the Semana del Seguro in Madrid (Feb. 21-23).
Octo Telematics Company Omoove and Oberthur Technologies presented EasyOpen, a revolutionary system allowing smartphones to operate as car keys, at the Barcelona Mobile World Congress (Feb. 27 – March 2, 2017).
At the beginning of the month, Fabio Sbianchi, CEO Octo Telematics, was in Naples (Italy) to announce that Octo Telematics would be the Title Sponsor of the Octo Pramac Moto GP Racing Team for the third year in a row.
Octo participated in the Connected Automotive Conference, the largest conference dedicated to connected cars in France and a reference point for all issues related to telematics and mobility services for connected vehicles. Octo Telematics sponsored the event (Mar. 3).
On March 19, Octo was at the Paris Les Rencontres Flotauto, a B2B event addressing the world of vehicle fleets and rentals.
On March 28, Jonathan Hewett addressed Future-Proof Telematics at the 5th edition of the London Motor Insurance Summit 2017. Octo was the gold sponsor of the event.
Octo Telematics Head of Value Proposition Tina Martino participated in the Smart City Panel of the Internet of Things Observatory for 2016-17 at the University of Milano‐Bicocca (April 21).
Octo attended and sponsored the 2017 Red Bull Grand Prix of the Americas MotoGP Event in Austin, the premier motorcycle racing World Championship #AmericasGP. In this event, Octo launched the ‘Telematics in Action’ conference (May 2).
Gianfranco Giannella, COO Octo Telematics, addressed the importance of telematics for advanced claims management at the Rethinking Claims in the Digital Age Conference in Berlin (May 10-11).
Marco Forneris, Senior Advisor Octo Telematics, held a presentation on how “Innovation is Empowerment” at the WeChangeIT Forum in Milan (May 18).
On May 25, Octo Telematics announced that its platform connected five million cars worldwide, a 25% growth milestone achieved in just twelve months. In overall market terms, at this date, Octo commanded 39% of the active usage-based insurance policy market. As a global campaign to celebrate the milestone, three connected cars drove around Boston, Rome and London, gathering data and spreading the word about how #Telematics are revolutionizing life on the road.
Octo Oomove General Manager Edwin Colella and Paul Harvey, Group Vice President, Business Development and M&A, Octo participated in the session on The Sharing Economy – Using Insurtech to Effect Change at the Insurance and Insurtech Conference (June 6).
At the Cyber Security Summit 2017, Antonio Mauro, Octo Telematics Head of Security and Compliance Assurance, and Marco Forneris, Octo Transformation Advisor, participated in the round table on Aligning Digital Transformation and Cybersecurity through Evolution of the Smart Defence Model (June 7).
Octo Telematics was also present at the Intelligent Mobility Summit on the digital transformation of the automotive industry that was held in London on June 28-29, 2017.
At the end of the month, Octo Telematics subsidiary Omoove, Europe’s leading shared mobility technology provider, presented Sharemine, a shared mobility platform that allows operators to develop custom-tailored car-sharing and ride-sharing communities for private citizens and fleet owners.
On July 11, 2017, Octo Telematics officially announced its new IoT-based Next Generation Platform.
Gianfranco Giannella, Chief Operating Officer at Octo, who led the development of the platform commented: “The Next Generation Platform is a truly unique offering, merging the flexibility and openness of a horizontal IoT framework with the go-to-market readiness of vertical-Business Applications. Therefore, providing current and prospective partners the best of both worlds and democratizing access to valuable data analytics to drive further innovation of services for the insurance industry."
Octo Telematics and Gigaom hosted “The Importance of Telematics in an #IoT World”, a free webinar addressing the disruption factors impacting the insurance industry and how the integration of telematics can tackle these issues and change the landscape (Jul. 12).
Octo Telematics renewed its agreement with MotoGP commercial promotor Dorna Sports SL and to once again be the title sponsor for the Silverstone MotoGP Race (August 25-27) at the Silverstone Circuit in Northamptonshire, Great Britain. This was the third time since 2015 that Octo was title sponsor of the event.
Octo Telematics was featured in an interesting case study produced by Cloudera entitled: “Octo Telematics: Transforming Insurance Services with 170 Billion Miles of Data from Connected Cars.
Octo Telematics was honoured to be recognised in the August 2017 Gartner Report on “How to Achieve Digital Business Excellence by Mastering Pervasive Integration,” which was presented at the Gartner Symposium in Orlando, Florida (October 2).
Octo Telematics announced on October 11, 2017 that it would acquire the usage-based insurance (UBI) assets of Willis Towers Watson, including its market-leading DriveAbility® solution and the DriveAbility Marketplace.
Leveraging Octo’s world class Next Generation Platform, this acquisition will bring globally recognised scoring and analytical capabilities to the global insurance telematics marketplace. Octo also announced a strategic alliance with Willis Towers Watson on additional auto telematics opportunities to enhance both companies’ suite of products and services.
Jonathan Hewett addressed “Motor Insurance on the Move” at the InsurTech Rising Summit (October 16-17). Octo Telematics was a Gold Sponsor of the event.
Andrew Lee, Head of Octo Market Intelligence, held a presentation on Connecting the Motor, Insurance and Consumer Ecosystems on the advantages of telematics-driven insurance and the future challenges that await the insurance industry at the London Future of General Insurance 2017 Conference (November 7-8). Octo was a Silver Sponsor of the Conference organised by Insurance Innovators.
Gianfranco Giannella, Chief Operating Officer at Octo Telematics held a presentation on Making IoT and Usage-based Insurance a Reality at the Dreamforce Software Conference in San Francisco, USA (November 8).
Ovum published Enterprise Case Study: Building Flexible and Scalable Data Platforms on Octo Telematics’ next-generation IoT and telematics platform, the Next Generation Platform.
Octo Telematics announced on December 12 that it had secured an agreement with Autonet, one of the largest insurance brokers in the United Kingdom, to provide vehicle buyers with the opportunity to opt for a telematics insurance policy and enjoy the many added value services provided by Octo’s Next Generation Platform directly through its car dealership network partners.
Octo Telematics released data on December 20 revealing that, in 2017, drivers in the United Kingdom saved approximately 160 million pounds in car insurance costs through the adoption of usage-based insurance policies - an average saving of 167 pounds for every driver in the country.
Once again, it was a wonderful, successful and innovative year. And we extend the same wishes to you, to all our clients, partners and stakeholders for an even more successful 2018!
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