Not just how cars behave, but how they affect the business
Telematics has a different application to different businesses, depending on the industry and whether it’s concerning short- or long-term renting. Octo’s initial offerings were for the insurance industry, where the focus in on the single end user. Amongst the fleet environment, Octo works with leasing companies for long-term renting service with a significant number of vehicles involved.
In the case of fleets, the telematics approach moves from insurance experience to fleet management, where companies need to not only understand how cars behave in order to provide maintenance and diagnostic service, but also how the total cost of ownership (TCO) affects their business.
As the industry changes, telematics follows
Fleet telematics can benefit from Octo’s proven ability, as a global leader, to provide insurance telematic services. Octo supplies fleets with several services based on the analysis of the distance covered data, aimed to define the aggregated ones that provide previous and predictable information (vehicle residual value, maintenance) about the fleet behavior. Octo works as system integrator, tracing significant events related to other fleet services like geofencing or rental stations. In addition, it’s able to notify and provide useful information to different operators besides providing statistical services based on the fleet and data.
Octo supervises the fleet via specific indicators and advanced alert services. Therefore, telematics is no longer working only on GPS, but also through integration with the CAN standard, which includes all the technological parts of the vehicle.
For instance, fuel level is an essential indicator since an inaccurate evaluation of it can translate into huge fuel costs in the case of a large fleet. Knowing in advance how much fuel remains before the next car inspection is equally as important and is enabled via constant monitoring and advanced notification via alerts.