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Nino Tarantino, North American CEOOcto’s Proactive First Notice of Loss (FNOL) allows insurance firms to rapidly react to an accident, just moments after it has occurred. The contact can be made with the policyholder proactively to collect as much information as possible and ‘freeze’ the crash scene. “Usually, the insurer receives a notification about the crash from the end user. With the tools we provide, this approach can be reversed and the insurer can become proactive toward the end user,” adds Tarantino. Additionally, getting in contact with the client immediately after the crash will help avoid attempts of fraud and third party interferences, while speeding up the claims management process.
Having invented the insurance telematics industry, Octo understands the needs of insurance firms and consumers, and creates programs that benefit both—improving retention rates and lifetime loyalty. “We are device agnostic and the real time usage and behavioral data collected through any Octo device can be analyzed and configured in different ways to create ‘smart services,’ ” explains Tarantino.
Octo has transformed the auto insurance market by enabling insurers to more accurately assess the price risk, pay claims, and manage connected users
For example, a customer’s driving style and performance can be shown on a personal ‘dynamics dashboard’ on their mobile. This can help drivers improve their driving, enhance fuel economy, and encourage safe driving awareness.
Octo has integrated its solutions with Original Equipment Manufacturers (OEM) to access and monetize driving data. For instance, they recently signed a deal with GM as its insurance telematics provider in 13 European markets for all new Opel and Vauxhall cars. In North America, Octo has developed Try&Drive, a white-labeled insurance telematics demo product that leverages Octo’s decade-plus experience creating bespoke programs for some of the world’s largest insurance firms. In early 2016, Octo partnered with The Ohio State University’s Center for Automotive Research for comprehensive engineering analysis and testing of Octo’s new products and services before they hit the market. In addition, The Octo U app launched in Europe last year is the first step in Octo’s Business-To-Consumer- To-Business (B2C2B) strategy, putting insurance in the hands of consumers.
The company aims to become the definitive telematics provider for insurance firms across multiple industries, going beyond the automotive arena. Octo enables insurers to better understand and engage with users to move from viewing them as a file number to having a far deeper relationship and understanding of their driving behavior and usage. “Octo has transformed the auto insurance market by enabling insurers to more accurately assess the price risk, pay claims, and manage connected users,” concludes Tarantino.
Flexcar selects OCTO Telematics to Further Optimize their Car Subscription Experience
Thursday, October 19, 2023
ROME, -- OCTO Telematics announces a partnership with Flexcar, the smart alternative to car ownership, focused on adding OCTO’s connected vehicle capabilities to Flexcar’s fleet across the US.
Given the focus on driver safety, Flexcar wants to ensure that their vehicles are continuously monitored for the healthiest car condition and assist in the event of a collision. Supported by OCTO’s technology, Flexcar will launch a touchless and seamless process to set up, configure, and manage their subscription service including:
• Dedicated smartphone application to enable drivers to lock and unlock the vehicle securely and conveniently
• Real-time diagnostics to ensure vehicles are in top condition prior to reservation and avoid unexpected maintenance challenges for customers
• Crash detection, validation, and notification to support driver assistance and safety in their time of need
Flexcar selected OCTO for a range of factors, including their extensive experience with vehicle risk, diagnostics, and collision data. Matt Aspinwall, Group Product Manager, said that Flexcar “was looking for a partner in telematics with the most extensive experience with vehicle risk, diagnostics, and collision data. The need was for a cost-effective approach to understand our vehicles better and offer a state-of-the-art customer experience, not only by quickly identifying and remediating maintenance and collision events, but also by providing a range of innovative services to streamline their use of the car.”
OCTO has always been at the forefront of innovation in the connected mobility sector. OCTO’s technologies are consistently ahead in their industry adoption rates and ensure clients receive cutting-edge solutions. The company envisions a future for connected smart insurance across every vehicle and home and, as such, is creating one-stop solutions for households and enabling smart city development. Stacey McNulty, Global VP of Sales, Mobility said: “We are proud to be the technological partner of a company that is innovating car subscription services by introducing a business model that answers high consumer demand, leveraging the principles of the sharing and digital economy. Given our extensive experience in telematics products and services, Flexcar will benefit from a cost-effective approach to monitor vehicle status and offer a superior customer experience.”
OCTO provides a wide range of automotive solutions that are used by many leading global insurance companies, fleet operators, auto dealers and leasing companies. OCTO’s extensive IP is built on over 20 years of automotive data engineering expertise, creating a unique combination of software, hardware, data science, engineering, and technology services.
Flexcar
Flexcar is the smart alternative to car ownership, helping drivers simplify their lives and save money.
flexcar.com
OCTO Telematics
OCTO has always been at the forefront of innovation in the connected mobility sector. A pioneer in insurance telematics, today the company is the main advanced telematics and technology solutions provider also in the Fleet Management and Smart Mobility industries, leveraging on Machine Learning and AI to transform IoT data into actionable intelligence. Thanks to its know-how, the expertise developed in over 20 years of global advanced analytical services, and its M&A strategy, OCTO is spreading the value of advanced data analytics through its scalable platform to serve worldwide end-users of different mobility applications with a superior customer experience. Through different business applications and use cases, OCTO is bringing telematics at the core of the smart cities as advocate of the global goals of sustainability thanks to OCTO Vision Zero: Zero Crashes, Zero Congestion, Zero Pollution. OCTO has currently 5,7 million connected users, holds the largest global database of telematics data, with more than 552 billion km of driving data collected and over 514,000 crashes and insurance events analyzed.
Frost & Sullivan recognizes OCTO Telematics with the 2022 Global Company of the Year Award. octotelematics.com
Brief description about OCTO
Friday, January 05, 2024
OCTO has always been at the forefront of innovation in the connected mobility sector. A pioneer in insurance telematics, today the company is the main advanced telematics and technology solutions provider also in the Fleet Management and Smart Mobility industries, leveraging on Machine Learning and AI to transform IoT data into actionable intelligence.
Thanks to its know-how, the expertise developed in over 20 years of global advanced analytical services, and its M&A strategy, OCTO is spreading the value of advanced data analytics through its scalable platform to serve worldwide end worldwide end users of different mobility applications with a superior customer experience.
Through different business applications and use cases, OCTO is bringing telematics at the core of the smart cities as advocate of the global goals of sustainability thanks to OCTO Vision Zero: Zero Crashes, Zero Congestion, Zero Pollution.
OCTO has currently 5,7 million connected users, holds the largest global database of telematics data, with more than 552 billion Km of driving data collected and over 514,000 crashes and insurance events analyzed.
Frost & Sullivan recognizes OCTO Telematics with the 2022 Global Company of the Year Award.
Company
Octo Telematics
Management
Nino Tarantino, North American CEO
Description
Global leader of advanced telematics systems and services to insurance partners, carmakers and rental companies
