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Octo Telematics Debuts User Based Auto Insurance

| June 26, 2018

cars and trucks on Highway

Telematics is now coming to the vehicle insurance business — in a big way.

Consider: Octo Telematics, a global provider of telematics and data analytics solutions for the auto insurance industry, announced that its customer, Ana Seguros, a part of Grupo Valore, has launched Mexico’s first usage-based insurance (UBI) program, Ana Telematics, powered by Octo Telematics.

Ana Telematics lets customers save on their auto insurance based on their driving habits and makes Ana Seguros the first Mexican insurance company to implement and integrate telematics technology in its offerings.

The use of telematics data for monitoring driver behavior continues to grow in North America, with potential for significant impact on insurance ratings and models, as well as consumer expectations for pricing. The continued evolution of the technology and disruptive risks means the insurance industry must learn to integrate such technology with existing insurance business models, and think about how telematics will connect in the bigger IoT landscape.

Octo Telematics offers insurers like Ana Seguros an opportunity to better assess risk and provide a personalized and improved customer experience. The Ana Telematics programs includes UBI, driving behavior scoring, distracted driver monitoring, crash and claims management and location-based services.

“We strive to be at the forefront of insurtech innovation in Mexico, and partnering with Octo Telematics is a key component to that successful execution,” said Dr. Rigoberto Mora Jacob, Claims Director, Ana Seguros. “We are the best option to cover the needs of motor vehicle insurance in Mexico, adhering to the highest industry standards, management efficiency, and the innovation of products and services. Octo’s industry experience and vast telematics database compliments our mission and we are excited to rollout this new value-added offering to our policyholders.”

Octo Telematics’ telematics database and position as the largest insurance telematics company enables Ana Seguros to customize insurance premiums, encourage safer driving habits and offer new discounts add additional value for its customers. Octo’s IoT next generation platform enables Ana Seguros to not only track driving habits of policyholders, but also the use and health of their vehicles.

“Industry developments such as IoT and the sharing economy are changing the way – and the frequency of how much – cars are driven as well as policyholder expectations and options,” said Nino Tarantino, CEO of Octo North America. “Ana Seguros is leading the insurance industry in Mexico with value-added programs that add substantial policyholder value to increase engagement, loyalty and retention – and thus, the bottom line for shareholders. We love driving the future of connected insurance for our partners like Ana Seguros.”

 

 

Category: Connected Fleet News, General Update, News, Safety

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