NEWTON, Mass.--(BUSINESS WIRE)--Octo Telematics, the fastest growing provider of advanced telematics systems and services to the auto and insurance industries globally, today announced adding specialized crash management services for its Usage Based Insurance (UBI) programs in the United States. These services help save lives and reduce costs through knowing a vehicle’s location for prompt assistance in the event of a crash, as well as providing detailed crash kinematics and dynamic reconstruction. These are tangible advantages for drivers, their passengers, and for insurance companies’ claim departments.
Traditionally, insurers have priced auto insurance based on the predicted risk of a single driver, using limited rating factors such as the type of vehicle, claim history, the age of the driver and home zip code. With UBI, actual driving behavior and verified mileage, as well as detailed crash reports, can also be used to provide quicker and more accurate claims and risk assessments to save money. Octo incorporates its safety and security services using its proprietary algorithms developed through experience with nearly 2 million vehicles and 250,000 crashes.
During the past few years Insurance Telematics has proven to be an industry game-changer. Insurers who represent over 50% of U.S. auto owners already have UBI solutions available or in development. Since the start of its U.S. operations a little over one year ago, Octo Telematics has launched seven Insurance Telematics programs with major U.S. insurers further solidifying its global leadership position. This year Octo Telematics is celebrating its 10-year anniversary.
“We’ve been doing this in Europe for years,” said Nino Tarantino, CEO of Octo Telematics North America. “Claims departments use crash management services to evolve their operating efficiencies while significantly improving their loss ratios. I firmly believe adding these new services to existing UBI programs will catapult the already-growing US market forward.”
Nino Tarantino will be speaking at this week’s Insurance Telematics USA conference in Chicago.
About Octo Telematics: With one and half million active customers, and offices and partners in the U.S. and throughout the world, Octo Telematics is an advanced Telematics Service Provider (TSP) to numerous outstanding insurance companies and groups, as well as various government organizations and OEMs. Since being founded in Rome in 2002, Octo’s services have achieved widespread acceptance, recently adding up to 2,000 additional new customers each day, connecting with more than 60 different insurers, and maintaining the world’s largest insurance telematics statistical database. Through its North American joint venture with Directed, the largest designer and marketer in North America of consumer-branded vehicle security and remote start systems, Octo brings to insurers extensive experience with infrastructure, device logistics, installation and client care, enabling best-in-class support.
Octo Telematics North America LLC
134 Rumford Ave., Suite 302,
Newton, MA 02466 • PHN: +1 617-916-1080 • FAX: +1 617-467-4527
www.octousa.com