BOSTON--(BUSINESS WIRE)--OCTO Telematics, today announced it has been selected as the exclusive telematics provider for the Insurance Corporation of British Columbia’s (ICBC) one-year project, Techpilot, for newly licensed drivers. The goal of the initiative, which launched in January, is to validate that telematics can modify driving behavior for the better.
OCTO is the leader in transforming IoT Big Data sets into actionable intelligence. For insurance, OCTO offers the market leading DriveAbility® risk score and advanced connected insurance capabilities. OCTO’s Digital Driver insurance telematics mobile app-based solution selected by ICBC provides comprehensive data and powerful insights into driving behavior and associated risk at a competitive price point.
“We’re pleased to partner with OCTO, a leader in the telematics industry. This Techpilot initiative will enable us to better understand the role that technology can play in reducing crashes for inexperienced drivers,” said Myrthee Blanco, ICBC’s Senior Director of Product and Customer Strategy. “Safer roads start with every driver making a conscious decision to focus on the road. This partnership is another step towards our goal of creating a safer driving culture in British Columbia.”
Participants in the Techpilot will use a combination of their smartphone and OCTO-provisioned Smart Tag to detect and score driving behaviors such as speeding, braking, and cellphone use. Half of the pilot’s participants will fully interact with OCTO’s Digital Driver including receiving their score, feedback, and safe driving rewards in the form of gift cards to popular retailers and restaurants. The remaining participants will be limited to receiving rewards solely based on their participation in the Techpilot. The pilot results will inform and optimize ICBC’s telematics strategy and plan.
“ICBC’s focus on making roads safer and helping make insurance more affordable is a perfect fit for OCTO’s technology and mission to enable smart analytics for a better connected world,” said Nicola Veratelli, OCTO Group CEO. “We are a pioneer in insurance telematics, with roots in behavioral, contextual and driving data analysis. We intimately understand the insurance industry and its challenges and opportunities with connectivity. We help organizations like ICBC successfully build and implement a telematics program that benefits both policyholders and the company’s bottom line. We look forward to the results from this project to further demonstrate the societal benefits.”
About OCTO Telematics
Founded in 2002, OCTO is today the Number 1 global provider of telematics and data analytics solutions for the auto insurance industry and, increasingly, a major player in Fleet Telematics services, with world-class solutions to grow its core businesses – Insurtech and Smart Mobility – and to expand and provide innovative connected solutions in new industries and international markets.
OCTO’s vision is to connect the world of mobility through advanced analytics and IoT-driven services for a new era of Smart Telematics.
OCTO currently has 6 million connected users, holds the largest global database of telematics data, with more than 267 billion miles of driving data collected and over 473,000 crashes and insurance events analysed, and manages more than 400,000 vehicle sharing hires per month.
ICBC is committed to its 3.2 million customers and their safety on the road. ICBC licenses and insures drivers and vehicles across the province through service centres, plus a network of more than 900 independent brokers and government agent offices. Claims customers are served through local offices and its award-winning Dial-a-Claim call centre. ICBC adds value to B.C. communities – its road safety investments help create safer roads, lead to fewer crashes, and help keep rates stable. To find out more, visit icbc.com.