Octo To Provide Girls Drive Better with Telematics Services
New agreement with female-targeted brand to further demonstrate
the benefits of telematics
LONDON–(BUSINESS WIRE)–Octo
Telematics, the number one global provider of telematics for the
auto insurance industry, has signed an agreement to provide its
telematics and data analytics services to Girls
Drive Better, the flagship brand of Policywise.
Girls Drive Better was established following the EU Gender Directive of
2012. This Directive meant that insurance pricing could no longer take
into account gender, whether or not men or women were less risky
drivers. However, by employing telematics to measure the unique
characteristics of each driver, Girls Drive Better can offer female
drivers the full benefit of their positive driving habits. Female
drivers can therefore gain from a more complete understanding of every
aspect of their behaviour behind the wheel and receive a personalised
policy that goes even further beyond their gender.
Octo will provide Girls
Drive Better with a full range of telematics services. These
services will allow more accurate risk pricing and streamlined claims
management. Customers that are more safety conscious will also gain
rewards. Insurers that have partnered with Octo have achieved
double-digit improvements in Combined Loss Ratio. They have also
delivered better value policies to motorists
The agreement will provide Octo’s advanced analytical capabilities and
full telematics ecosystem including sensors, Driver Behavior Scoring, a
First Notification Of Loss (FNOL) platform and Stolen Vehicle Recovery
(SVR).
Martin Williams, MD Octo Telematics UK, said: “Every driver is different
and has a different driver DNA. It’s important that this be recognised
by insurers as they seek to accurately price risk. The female
demographic, particularly those aged 17 – 25, is traditionally believed
to be a safer risk for insurance companies than men of the same age
group. With telematics, however, insurers are able to drill deeper and
offer precise policies for individuals without relying on traditional
categories. Girls do often drive better and more safely, by working with
Girls Drive Better and Policywise, we can make sure they receive the
benefits as well.
It’s important to us to work with reputable and experienced companies
and Policywise fit the bill perfectly. We are very pleased to have
signed this agreement to help them spread the telematics message.”
Simon Jackson, CEO of Policywise, said: “Octo have a great heritage and
name. The functionality and scoring that they provide are of a very high
level and fit perfectly with our brand. We have seen some very
encouraging business results since beginning our work with them as their
expertise also helps ease the sometimes complicated process of actually
installing telematics boxes—a process which can sometimes be a pain
point for customers. Octo’s entrepreneurial nature and ability to
deliver on promises has made the entire process very smooth and we’re
really looking forward to many years working together.”
The agreement was signed in January 2017.
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 4.8 million connected users and the largest global
database of telematics data, with over 146 billion miles of driving data
collected and 379,000 crashes and insurance events analyzed (as of 31
December 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/
About Girls Drive Better
Girls Drive Better is the flagship brand of Policywise. In addition to
its insurance policies tailored specifically for female drivers,
Policywise provides specialist motor, home business and fleet and family
cover in addition to its temporary cover policies.
Policywise provides telematics insurance policies without mileage
restrictions or curfews to better enable the Company to tailor its
cover, particularly for younger drivers.
Policywise is headquartered in Oldham.
For more information, please see:
Contacts
Octo Telematics
John Merva and Alexander Clelland
020
7796 4133
press.uk@octotelematics.com
or
Girls
Drive Better
Simon Jackson
0333 366 0515
info@policywise.co.uk
