Business Wire

OCTO Telematics 'Digital Driver Essentials' White Paper

Share

The social context of pervasive technologies in everyday life and a more complex working environment is driving the Digital Transformation of the global Insurance industry attracting new stakeholders to enter in the traditional value chain.

In this White Paper, which contains quotes from Gartner’s Predicts 2020: Digital Challenges Slow Down Insurance Industry Transformation’ report (December 2019), we would like to explain how Digital Driver Essentials, OCTO’s range of telematic experiences allows our stakeholders, businesses and consumers to have smart, intuitive and technologically-advanced solutions, capable of giving immediate advantages in terms of loyalty, profiling, risk analysis and a positive influence on driving behaviour, assisting drivers in an accident and making their experience with the insurance company more pleasant.

The example of OCTO’s proposed path to step-by-step telematics adoption is the “DIGITAL DRIVER ESSENTIALS” product, a complete and modular offering of digital solutions that leverages the potential of mobile technologies to facilitate the introduction of telematics and to increase customer engagement throughout the policy lifecycle.

This solution can benefit CIOs, Risk, Claim and Marketing managers looking to accelerate the embrace of a new market approach. Leveraging the app as an interaction channel, insurance companies can build a new customer experience, reinforcing the relationship through continuous engagement.

The product addresses the B2B2C model and provides different web profiles and platform interfaces to facilitate these operations.

For the policyholder it comes in two different configurations:

  • Digital Driver Smartphone Edition: a comprehensive “telematic experience” in the driver’s hands. The end user is encouraged to adopt safer driving behaviours thanks to the implementation of the Driver Coaching functions (the detection of events that distract the user from driving) and the DriveAbility® scoring (the most accurate algorithm for assessing the user’s driving style).
  • Digital Driver SmartTag Edition: based on the use of the smartphone associated with the OCTO SmartTag installed on the windshield which allows a wider range of use and additional services. This helps to improve safety in the event of an accident. The SmartTag edition enriches the Smartphone edition with assistance to the user in the event of an accident. The end user is identified within their vehicle and the assistance room is able to provide them with help and support immediately. In addition, once the urgency is over, the solution will allow the customer to manage the event more effectively with their insurance company.

OCTO has tested the reliability of its smart tag associated with the OCTO Digital Driver application, a solution capable of automatically detecting and reporting over 95% of accidents occurring at speeds in excess of 5 miles per hour. At the same time, false alarms are incredibly low at less than 1% of customers every year.

Benefits for Claim Managers and Fleet managers

For seamless and touchless claims handling, OCTO can reduce the process from months to days, offering significant savings from process improvements and mitigating further loss such as fraud or the downtime of fleet vehicles. Claim managers and fleet managers can benefit from instant FNOL (first notice of loss) for proactively improving the loss ratio or managing the fleet, as well as receiving a detailed dossier of events. This dossier can help reduce claim adjustments and avoid accident investigations for the insurer, while helping fleet managers identify areas for improvement in driver training. In parallel, the user experience is also greatly enhanced from near real-time support at the time of need, such as emergency services, breakdown assistance, or the reallocation of the fleet, to a quicker settlement of claims.

Effectiveness OCTO Crash

At OCTO, this all begins with the most advanced crash analytics, built from Machine Learning algorithms using the most comprehensive claims event database in the world. With half a million events fully analyzed as genuine claims and processed by the insurance industry, it is also the most mature and proven telematics-based claims solution available today.

Available as part of the Digital Driver SmartTag Edition, OCTO’s expertise and effective crash and claims service is now part of a low friction, easy to adopt solution. The benefits of crash detection can be enabled within minutes, quickly enhancing the user experience. Process improvements to claim handling as part of the business operations can also be introduced with the support of OCTO to speed up the period of return on investment (ROI).

ABOUT OCTO

Founded in 2002, OCTO is a leading provider of telematic services and advanced data analytics for the insurance sector, and increasingly one of the leading companies offering solutions for Fleet Telematics and Smart Mobility. With OCTO’s unique propositions already established in the field of Insurtech and Smart Mobility, OCTO continues to expand in new sectors and international markets. In the context of an increasingly connected world, OCTO’s advanced analytics and its set of IoT Big Data, generates actionable analytics giving life to a new era of Smart Telematics. Today it has over 6 million connected users and the largest database of vehicle telematics data in the world, with over 267 billion miles of driving data collected and 480,000 claims and insurance events analysed. It also manages over 400,000 vehicle rentals per month.

Contact information

OCTO Telematics Media contact:
Adriana Zambon
+39 339.3995640
press@octotelematics.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

SSi Canada Partners with SES Networks to Deliver New Satellite Capacity into Northern Canada18.1.2021 17:40:00 CETPress release

Vital new satellite capacity will be delivered to Canada’s north, including all 25 communities of Nunavut, following a partnership signed between SSi Canada, the developer-operator of QINIQ broadband and SSi Mobile services in Nunavut, and SES Networks, the leader in global content connectivity solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005410/en/ SSi Canada Partners with SES Networks to Deliver New Satellite Capacity into Northern Canada (Photo: Business Wire) This partnership comes at a critical time for Nunavut, with the COVID-19 crisis having led to an unprecedented need for reliable internet and mobile communications services as Nunavummiut move increasingly to study, work, and shop online and at home. With growing demand for QINIQ broadband and SSi Mobile services, all 25 communities in Nunavut - and elsewhere in Northern Canada - will benefit from SSi Canada’s multi-year agreement with SES Network

Cloud Contradiction: Despite Security Driving Cloud Adoption, Aptum Study Reveals It’s also the Main Barrier to Cloud Transformation18.1.2021 15:00:00 CETPress release

While 91% of organizations were successful in increasing security as a result of adopting cloud services, it remains a top concern for many. This finding comes from part two of the four-part Cloud Impact Study from Aptum, the global hybrid multi-cloud managed service provider. The report, titled The Security and Compliance Barricade, identifies common security, compliance and governance challenges impacting organizations undergoing cloud transformation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005035/en/ Aptum Cloud Impact Study Pt 2.: The Security and Compliance Barricade (Graphic: Business Wire) The independent research reveals that more than half of survey respondents (51%) see security as the main driver behind cloud adoption. However, 38% cite security and data protection as the primary barrier to cloud transformation. Security and compliance play a critical role Part one of the Cloud Impact Study, Bridging

EG Group Selects PDI to Bring Contactless Payments to its North American Sites18.1.2021 13:00:00 CETPress release

PDI (www.pdisoftware.com), a global provider of enterprise software solutions to convenience retailers and petroleum wholesalers, announced it has reached an agreement with EG Group to expand the use of PDI Payments to nearly 1,700 sites across North America. PDI added payments capabilities to its Marketing Cloud Solutions offering last year after acquiring ZipLine, the industry leader for ACH payment and provider of mobile payment technology. The PDI Payments platform currently powers EG Group’s SmartPay Rewards. The rewards program originated with Cumberland Farms—one of several U.S.-based convenience store brands EG Group acquired in recent years—and will soon be rolled out to EG Group’s remaining stores across North America. Customers can download the free app and enjoy a contactless payment experience, whether making purchases in the store or at the pump. PDI will provide the technology to support customer enrollment in SmartPay and deliver ongoing customer service for reward memb

Argo Blockchain PLC announces £22.4 Million Private Placement with Institutional Investors and Mining Capacity Expansion18.1.2021 09:46:00 CETPress release

Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to announce that it has entered into a securities purchase agreement for a private placement of its ordinary shares ("Ordinary Shares") to certain institutional investors for gross proceeds of GBP £22.4 million (the "Private Placement"). Pursuant to the Private Placement, the Company will issue 28 million Ordinary Shares (the “Placement Shares”) at a purchase price of GBP £0.80 per Ordinary Share. The Private Placement is limited to those certain institutional investors that have already subscribed and this announcement should not be considered an offer or solicitation to purchase or subscribe for securities in the United States. H.C. Wainwright & Co. is acting as the exclusive placement agent for the Private Placement. The net proceeds of the Private Placement will be used by the Company for working capital and general corporate purposes, including the expansion of the Company’s mining capacity in Q1 and Q2 o

Reply Signs an Agreement with AWS to Develop Industry Solutions18.1.2021 09:30:00 CETPress release

Reply, specialized on new communications channels and digital media, announces today it has signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to develop industry solutions for Financial Services, Manufacturing, Automotive, Retail, Energy, and Telco customers. Through this SCA, the Reply Group of companies dedicated to AWS – Comsysto Reply, Data Reply, Sense Reply, and Storm Reply – will work with organizations of virtually all sizes and allow them to innovate faster and deliver consistent improvements on their business processes using advanced and secure AWS technologies. Reply’s companies dedicated to AWS will offer solutions for highly regulated Financial Services customers, providing them with strategic advisory and security-related consultancy, practices, and frameworks to modernize legacy platforms and solutions designed to address fraud and financial-crime use cases. They will also provide Industrial and Manufacturing customers with the tools they ne

L&T Technology Services Rated as Global Pure-Play ER&D Services Leader by Zinnov18.1.2021 09:00:00 CETPress release

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global pure-play engineering services company, today announced that it has been rated as a ‘Leader’ in new technologies critical for products and services transformation and also placed in the Leadership Zone across major ER&D Services’ sectors in the Zinnov Zones 2020 ER&D Services study for the fourth consecutive year. LTTS continued to hold the top leadership position in the pure play ER&D Services category in the Zinnov Zones assessments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005070/en/ LTTS rated as a Global Leader in ER&D Services in Zinnov Zones 2020. (Graphic: Zinnov) In its latest industry rankings, Zinnov positioned L&T Technology Services as an “Expansive and Established” engineering partner with deep domain competencies in overall ER&D services. LTTS has been rated in the “Leadership Zone” across verticals such as Automotive, Aeros

Guardant Health and Vall d’Hebron Institute of Oncology Announce Partnership to Establish First Guardant-Based Liquid Biopsy Testing Service in Europe18.1.2021 09:00:00 CETPress release

Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, and Vall d’Hebron Institute of Oncology (VHIO), one of Europe’s leading cancer research organizations, have agreed to enter into a partnership to establish in-house liquid biopsy testing services, using Guardant Health’s industry-leading proprietary digital sequencing platform, at VHIO’s facility in Barcelona, Spain. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005057/en/ The service is expected to become operational in 2021 and will be available for clinical research and clinical care — starting with private patients, followed by expansion into the public healthcare system over time. “We are pleased to announce this partnership with VHIO which will bring liquid biopsy comprehensive genomic testing to more cancer patients in Spain and beyond,” said Helmy Eltoukhy, Guardant Health CEO. “Our vision is that all cancer patients globally have access

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom