Octo on the up
Octo Telematics (Octo) claims that five million cars are now connected to Octo telematics platform across the globe, a 25% increase since 2016.
To mark the milestone, Octo drove connected cars around London, Rome and Boston, collecting and analysing the telematics data from each trip to demonstrate the importance of safe driving to cut motoring costs and improve road safety. The data analysed every aspect of driving behaviour, including acceleration, braking approach to corners and a range of other actions.
The global telematics industry is rapidly growing. Globally, there are around 12 million telematics insurance policies according to the Ptolemus Usage-Based Insurance Global Report 2016, which predicts growth to nearly 100 million policies worldwide by 2020. The same report expects nearly 50% of the world’s vehicles to be insured with telematics-based policies by 2030.
Fabio Sbianchi, CEO, Octo Telematics said, ‘Consumers are becoming more aware of the value of paying their own bill, rather than being charged premiums according to categories such as age, location or assumed mileage. Insurers are also looking for ways to work more closely with their customers and increase loyalty. These conditions, added to the rapid rise of insurance premiums, are perfectly suited to telematics and Octo’s great growth over the last year is a reflection of these strong conditions.’