Octo Extend Telematics Insurance to Point of Sale as Autonet Connects to New Platform

Business Wire

Car buyers will be able to drive off the forecourt with telematics insurance as Autonet connects its car dealership network with Octo

LONDON--(BUSINESS WIRE)-- Octo Telematics (Octo), the number one global provider of telematics for the auto insurance industry, today announced that Autonet, the digitally-focused insurance broker specializing in bike, car and van insurance, will offer car buyers the option of telematics car insurance policies and Octo technology and analytics at the point of sale through its car dealership network partners.

Autonet will connect to Octo’s Next Generation Platform (NGP), an ecosystem that facilitates the growth of the connected car and insurance technology market by offering access to telematics data and analytics as well as the products and services of other platform members. The platform was designed to improve the Usage-Based Insurance (UBI) experience for both consumers and insurers.

Autonet is the first major insurance partner to be fully-connected to the NGP. The company works with more than 30 of the leading insurance companies, including Aviva, Ageas, Liverpool Victoria and AXA, and will provide competitive UBI policies to consumers opting for Octo’s telematics devices at dealerships.

This will enable consumers to immediately benefit from cheaper car insurance and actionable insights into their driving behavior, including a tailored driver score mapping their unique ‘driver DNA’, as well as first notification of loss, crash and claims, and stolen vehicle recovery services.

Martin Williams, Managing Director: Octo Telematics UK said: “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: Autonet said: “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 partners Charles Hurst Group are the first car dealership currently using the scheme, with more scheduled to join in 2018.”

ENDS

About Octo Telematics

Octo is the number 1 global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, Octo is one of the pioneers of the insurance telematics industry. Today, Octo is the largest and most experienced insurance telematics company in the world, transforming auto insurance through behavioral, 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 analyzed (as of 30 September 2017).

Octo applies proprietary algorithms to this market-leading database to deliver powerful new insights into driver risk, informing solutions that benefit both auto insurance companies and policyholders.

The company is headquartered in London, with offices in Boston, Rome, Stuttgart, Madrid, and Sao Paulo. http://www.octotelematics.com/