NEWTON, Mass.--(BUSINESS WIRE)--Octo Telematics, a leading global provider of telematics and data analytics solutions for the auto insurance industry, announced today that EMC Insurance Companies has chosen Octo as a fleet telematics partner for its commercial telematics program, Peak Fleet™. Octo Telematics will provide the full platform and accompanying services for the insurer’s fleet telematics program to promote safer driving and maximize fleet performance.
According to a recent Berg Insight report, the market for fleet management in the Americas is in a growth period that will continue for years to come, specifically in the advanced North American market. Driven by regulatory developments such as the ELD mandate, fleet owners have begun to embrace telematics to optimize fleet operations, and Berg expects the market to grow at a compound annual growth rate (CAGR) of 17 percent, from 5.8 million units in 2015 to 12.7 million units in 2020. Commercial vehicle fleets play an essential role in our economy - drivers are on the road more than personal drivers, operating expensive vehicles and equipment. Telematics can help minimize risk with real-time insights that improve driving, reduce claims and maximize productivity. As the benefits of telematics become more apparent for commercial lines, EMC Insurance Companies is a leading example of innovation in the space. They will involve their independent insurance agents directly in the process of offering Peak Fleet to policyholders, supporting their agents with all necessary information and enabling commercial fleets of all sizes to benefit from the program.
“We’re excited to be working with Octo Telematics to roll out our Peak Fleet program for commercial lines,” says Scott Jean, executive vice president of finance and analytics at EMC. “Their years of expertise in insurance telematics, combined with their fleet platform and crash and claims capabilities, made them a very attractive partner and obvious choice to help us serve our commercial auto policy holders and agents. We knew we would be in the best of hands and be able to quickly roll out a top quality program that will make fleets safer and more productive.
The Octo Fleet platform includes a secure website and smart phone app so fleet managers can get real-time insights on fuel consumption, vehicle health, location, driver safety and more. Knowing drivers’ habits and whereabouts throughout the day can help managers to optimize routes, maximize productivity, save money and increase safety measures.
“Telematics in commercial fleets is a win-win, with clear benefits for both insurance companies and their policyholders,” said Nino Tarantino, CEO of Octo Telematics North America. “Using telematics creates better and more efficient drivers, decreases speeding and idle time, and enables fleet managers to improve the bottom line. We are happy to be the telematics partner to enable EMC Insurance and its commercial fleet policyholders to reap such benefits.”
About EMC Insurance Companies
EMC Insurance Companies is among the top 50 insurance organizations in the country based on net written premium, with more than 2,300 employees. The company was organized in 1911 to write workers’ compensation protection in Iowa. Today, EMC provides property and casualty insurance products and services throughout the United States and writes reinsurance contracts worldwide. Operating under the trade name EMC Insurance Companies, Employers Mutual Casualty Company and one or more of its affiliated companies is licensed in all 50 states and the District of Columbia. For more information, visit www.emcins.com and www.CountonEMC.com.
About Octo Telematics
Octo is one of the largest global providers of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, 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 60 insurance partners. Octo has more than 4.8 million connected users and one of the largest global databases of telematics data, with over 146 billion miles of driving data collected and 379,000 crashes and insurance events analyzed (as of December 31, 2016). 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. For more information, visit www.octotelematics.com or follow us on Twitter: @octousa @octotelematics.