Octo now used by 4 million road users
Octo Telematics has announced it has reached the milestone of four million connected road users worldwide.
The rise in connected users also means that, according to the 2016 Ptolemus Report, the company enjoys a 36% market share of active Usage Based Insurance (UBI) policies. The milestone comes after a year that saw Octo sign partnership deals with IBM, The Weather Company and GM.
Octo Telematics CEO Fabio Sbianchi said, ‘Four million connected and active global users is a huge milestone for our business – it demonstrates the depth of our international reach and the growing demand for our technology.’
The growth in telematics technology means that, according to an SMA report, approximately 36% of auto-insurance carriers will use telematics UBI by 2020.
Octo’s Insight Centre has collected 380 billion kilometers of driving data and analysed 265,000 crashes to deliver comprehensive insight to its 90 worldwide insurance partners.
Sbianchi added, ‘The data not only provides actionable data to insurance partners, it gives end users, insurers and fleet managers detailed insight into driving behavior and creates an opportunity for our business customers to improve their financial results and consumers to reap financial rewards through reduced insurance premiums as a result of safer driving.’