Octo Telematics to Acquire UBI Assets of Willis Towers Watson
Octo Telematics (Octo), a telematics provider for the auto insurance industry, will acquire the usage-based insurance (UBI) assets of Willis Towers Watson, including its DriveAbility solution and the DriveAbility Marketplace.
Key Willis Towers Watson personnel will also join the Octo team, notably industry pioneer Geoff Werner (Global Telematics Leader) who has led the development and growth of DriveAbility throughout its lifecycle.
Following the transaction Octo will develop a strategic alliance with Willis Towers Watson on additional auto telematics opportunities to enhance both companies’ suite of products and services. The partnership will focus on further development of algorithms and other analytical tools to provide actionable intelligence based on accurate analysis of data.
DriveAbility aggregates and analyses granular telematics and insurance data to provide an industry-leading driving score and to assist insurers to design, score, issue and bind telematics-based insurance policies. It also facilitates relationships between motor OEMs, telecoms, etc. and insurers to present convenient, personalized insurance offers to customers using pre-analyzed driving data.
There are significant synergies with Octo’s own drive for digitalization of the insurance sector, including its own advanced big data analytics and the recent launch of the Octo Next Generation Platform (NGP), which provides an insurance ecosystem offering a wide range of products and services to insurers.
From a broader perspective, the insurance telematics industry is growing at a rapid pace, with nearly 100 million UBI policies expected worldwide by 2020. This is producing ever-greater amounts of data that can assist insurers in accurately pricing risk. Big data analytics are therefore crucial to break down telematics information such as driver behavior data to create driver scores, as well as carry out crash analysis and provide the full range of telematics benefits.
Category: Connected Fleet News, General Update, News
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