The Silicon Review
Founded in 2002, Octo Telematics turns data into solutions for the largest insurers and vehicle manufacturers in the world.
Establishing themselves as the first telematics company to provide ad hoc solutions for the insurance and automotive market, Octo Telematics came into being on April 16, 2002 in Rome, Italy. They built the first dedicated insurance telematics platform, through which they became a market innovator in Italy and across Europe. The company entered the US market in 2011 and in May 2015 moved their headquarters to London, UK.
A lot of telematics companies talk about data, but data alone won’t innovate insurance. Octo prides itself being the largest and most experienced insurance telematics company in the world, but what makes them the global leader is their ability to apply knowledge that will drive their customers’ businesses forward and revolutionize the insurance industry.
The company’s North American headquarters is in Boston and has offices in Rome, Stuttgart, Madrid, and Sao Paolo.
Making a difference through insight and breadth of experience
The company holds the tag of having the largest telematics database in the world and the longest history working within the insurance industry, which makes them aware of not just the technical needs but the challenges in rolling out a program, the user interface needs, customer service needs, agent needs and more. They truly believe that their depth of insight and breadth of experience sets them apart from their competitors.
In order to help insurers reduce costs, more accurately price risk, improve loyalty and retention, and broaden offerings through usage-based insurance, actuarial pricing, claim management, crash reconstruction and stolen vehicle recovery, Octo provides mission-critical insurance solutions.
The Policy holders using Octo solutions see insurance discounts of up to 30%, while improving safety through the incentive to drive better and continue to reduce premiums, as well as more efficient claim processes and an enhanced driving experience with access to new services (e.g. SVR, traffic information).
Octo’s Unique Offerings
Octo has transformed the auto insurance market by enabling insurers to more accurately assess and price risk, pay claims, and manage connected users. They deploy a sophisticated and constantly evolving set of algorithms that use a large and diverse data set that is continuously made more robust using data collected from connected users. Furthermore, they deliver end-to-end benefits across the insurance value chain, from pricing support, crash alerts and reconstruction to web portals for customer engagement. And, also work across the entire device spectrum from smartphone apps and aftermarket devices to connected cars.
Octo’s devices collect comprehensive real-time driving data from connected cars through advanced GPS, accelerometer and gyroscope technologies. Data is collected on everything – from the duration of a drive, distance and location to road type, braking and cornering. This is fed into the Octo Insight Center and transferred to Octo data centers.
Crash & Claims: Octo’s platform and IT architecture can gather detailed information about crashes and provide insurers with user-friendly data output that includes crash details and damage evaluation tools to support the claim management process.
Octo’s Crash & Claims portfolio includes:
Octo’s Private Cartography (Geo view) – monitors community risk, type of road, traffic and congestion, road condition and weather impact. Also speed and mileage distribution by community (working day, afternoon, urban context)
Knowing the CEO
Nino Tarantino is the North American CEO of Octo Telematics, the global leader insurance telematics provider. Under his leadership North American operations exceeded 1.5 million connected users just four years after its launch in 2011. He was previously General Manager of Acotel USA, operating in the mobile premium content and value added services sector and VP of Business Development at Anoto Group AB, a global leader in digital writing solutions. Nino is also Board Director of the Connected Vehicle Trade Association (CVTA) and is a frequent speaker at industry events on subjects such as usage based insurance, telematics and crash and claims management.
Most preferred amongst clientele
Octo’s customers often have the feeling of being ‘loyal and happy and secure while working with the most experienced telematics provider in the world’. In the U.S. for example, Octo has continued to grow year over year and never churned a client. Targeting the high yielding sector of clientele such as automotive insurance providers and fleets, Octo works with four of the 12 leading American insurance companies.
A happy client speaks
“After several months of testing multiple solutions, we selected Octo because of their history, expertise and leadership within insurance telematics. The Try&Drive platform is easy to use and was the best solution available for our customers.”– Robert Lyon, President and CEO of Rockingham Group.
Plan for the days ahead
Presently, Octo Telematics takes pride in delivering telematics solutions to over 90 industry partners globally, including more than 60 insurers, auto OEMs, car rental and fleet management companies. The company promises to continue to embed with OEMs to access and monetize driving data, as major OEMs have added telematics to their offerings. Data being collected today could result in seeing traditional auto insurance companies competing with software and IT companies, as well as automakers themselves.
Additionally, their long-term focus is to provide IoT solutions and innovations for insurance companies across other industries as well, particularly in home and health, as telematics continues to be core to the IoT evolution.
“ Our overarching goal is to be the telematics solution and intelligence provider of choice for every single insurance company as they add telematics capabilities – an inevitable direction for all in the evolution of the IoT.”