Agreement with Autonet will provide Octo Usage-Based Insurance at points of sale
Octo Telematics announced today that it has 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.
Next Generation Platform
Autonet will connect to Octo’s Next Generation Platform (NGP), an ecosystem that drives the growth of the connected car and telematics insurance technology market by offering access to telematics data and analytics as well as products and services provided by other platform members.
The Next Generation Platform, which has been designed to promote and improve the attractiveness of usage-based insurance for both consumers and insurers, provides open access and seamless integration of any Application Platform Interface (API), as well as a fully-modular insurance telematics structure, through an extremely flexible range of “mix-and-match” services.
The development of the Octo NGP platform as an IOT ecosystem allows insurers to meet the rapidly growing global demand for usage-based insurance, which is forecast to reach 93 million policies worldwide by 2020.
Autonet is the first major insurance partner to be fully-connected to the Next Generation Platform. The company, which works with more than 30 leading insurance companies, including Aviva, Ageas, Liverpool Victoria and AXA, will provide competitive UBI policies to consumers who will be able to select Octo telematics devices at the point of sale.
This will enable consumers to immediately benefit from cheaper vehicle insurance and receive precious insight and recommendation on how to improve their driving behaviour, including a tailored driver score mapping their unique “Driver DNA,” as well as complete insurance package with first notification of loss, crash and claims, and stolen vehicle recovery services.
Martin Williams, Managing Director of Octo Telematics UK pointed out: “This is the next stage in the growth of the connected car market and makes it easier for car buyers to opt for telematics and all its benefits. It’s exactly what our Next Generation Platform was designed for – connecting all the links in the motor insurance chain to offer competitive insurance through market-leading technology. Autonet’s extensive insurance panel and car dealership network fit perfectly with the Octo Telematics proposition of using telematics and big data analytics to benefit the industry as a whole.”
Scott Greenhill, Director of Underwriting at Autonet emphasized: “It was important that we find a telematics solution that could be implemented immediately from the point of sale so clients can drive off in their new, telematics-enabled car with no delays. Octo were the clear choice for this. Working with them will enable us to develop and deliver innovative, reliable and scalable insurance solutions to our customers. The NGP will play a key role in growing our telematics propositions faster and more efficiently, reducing time and costs while delivering an improved customer experience.”
Autonet partner Charles Hurst Group is the first car dealership currently using the scheme, with more scheduled to join in 2018.
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