Octo Telematics Launches the Link Program to Connect Consumers and Insurers Through Telematics

New service will connect drivers and insurers in a transparent way
based on Octo U smartphone app

LONDON–(BUSINESS WIRE)–Octo
Telematics
, the largest worldwide provider of telematics services
with more than 4.6 million connected users, has launched The Octo Link
Program. The Link Program provides a cross industry platform for simple
and secure sharing of driver telematics data, enabling direct
communications between the two parties. The Link services are based on
driver scoring and contextualised risk analytics collected by Octo U, a
direct to consumer driving behaviour app. Octo ‘links’ these consumers
with insurers, providing insurers with the data to price risk more
effectively and efficiently manage customer relationships.

Direct connections

Through The Link Program, Octo is working to create a digital ecosystem
to provide greater transparency, and ultimately a better relationship
between insurers and their customers by offering:

  • User Connection Program

    • An affinity program to reward Octo U users. Insurers are able to
      advertise within the Octo U app and become part of Octo’s
      community by offering a discount or reward.
  • Lead Generation Program

    • This provides qualified and enriched contact lists that can be
      used by insurers to build and manage new customer acquisition
      programs.
  • Lead Connection Program

    • This speeds up the insurer’s customer acquisition process and
      makes it more efficient by turning prospects into contracts
      through marketing initiatives directly managed by Octo.
  • Telematics Switch Program

    • This provides insurers with the path and option to ‘switch’ new
      and existing customers to telematics based policies allowing
      continuous monitoring of driver behaviour and risk assessment.
  • Customer Loyalty and Rewards Program

    • Octo services for insurers that provide a loyalty program that is
      supported by digital marketing and gamification of telematics that
      seek to address challenges in markets with high churn rates.

Mauro Cantoni, Vice President Insurance at Octo Telematics, said: “The
Link Program has been designed to support any motor insurer regardless
of their interest in telematics. The Link addresses the complete
lifecycles of a customer relationship from acquisition through
engagement to retention. Using our Link Program means that, not only can
insurers take advantage of a built-in telematics user base to diversify
their portfolios, they can also accelerate their plans to ‘go digital’.
In today’s marketplace consumers are used to managing finances from
their smartphones and it makes sense for this to be adopted with
insurance to develop a stronger, more valuable direct connection with
their customers.”

As a digital leader, Octo is able to support the digital transformation
for its partners and the insurance industry as a whole, creating a new
alternative to aggregators for consumers and insurers. The platform
automatically updates with driving data rather than the manual input of
static data that current aggregators rely on. With this easy to use
platform, Octo aims to increase the adoption of telematics by consumers
and insurers.

“It’s important to us to support market growth by giving both large and
small insurers a new digital way to approach customers, whether they
manage that themselves or through us,” explained Cantoni. “The emphasis
of The Link Program is very much on using our technology and the
investment we have made in our consumer base to provide value for the
insurers. Consumers can also win with the Link, not only with initial
discounts but by having their driving behaviour and loyalty rewarded.”

Cantoni continued, “Working through Octo’s Link Program means that
insurers are able to forge better relationships with their clients. Not
only are they approaching the right people, at the right time, but they
can take full advantage of a wide range of data to make sure they are
offering customers the very best insurance package. We fully believe
that, through the platform, insurers can inspire the loyalty of drivers
by working with them as partners, rather than simply viewing them as
customers and suffering high churn rates driven by the aggregators.”

In the pre-launch phase, Octo Telematics is working with five insurers
on Link in the UK, Germany and Brazil, with more to be signed in the
coming months.

– Ends

About Octo Telematics

Octo is the number 1 global provider of telematics and data analytics
solutions for the auto insurance industry. Founded in 2002, Octo is one
of the pioneers of the insurance telematics industry. 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 4.6
million connected users and one of the largest global database of
telematics data, with over 136 billion miles of driving data collected
and 358,000 crashes and insurance events analyzed (as of 30 September
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. http://www.octotelematics.com/

Contacts

Octo Telematics
Pema Seely, John Merva and Nelly Akpaka
020
7796 4133
Press.uk@octotelematics.com