Octo Telematics and Agero Partner on Vehicle Crash and Claims
Octo Telematics, a provider of telematics and data analytics for the auto insurance industry, and Agero, a B2B provider of roadside assistance services, will partner to deliver an integrated crash management solution to enable carriers to more proactively and quickly respond to any crash situation, and will permit insurance carriers to improve First Notice of Loss (FNOL) services and savings.
The goal is to provide carriers with a greater ability to reduce the overall cost of claims while improving customer satisfaction.
With Octo’s FNOL crash detection, which has been validated by 417,000 crashes, and Agero’s accident response center with emergency triage capabilities, which manages recovery services for over 900,000 accidents per year, carriers can ideally provide a better an improved experience to customers in need.
This means that if an accident occurs while telematics data is being gathered, it can be leveraged to initiate emergency response to aid the consumer and facilitate the quick initiation of a claim.
“Octo Telematics continues to innovate in the insurance industry with its application of telematics data, adding value to policyholders and positively impacting revenue streams for the insurer,” said Jeffrey Blecher, Senior Vice President of Strategy at Agero. “Their telematics services, using big data technologies, help insurers to reduce fraud and manage risk effectively.”
Upon the detection of a crash, a call is triggered for a trained Agero accident response agent to reach out to the insured and provide emergency assistance and dispatch rescue services. Leveraging Agero’s accident management service network, a qualified service provider can be immediately dispatched to the scene of the accident, allowing the insurance carrier the ability to get “eyes on scene” quickly and the subsequent ability to control the vehicle handling process, reducing further need for vehicle storage or additional tows.
Having an accident response agent engage with the consumer at this critical time not only improves consumer loyalty, but by dispatching immediate medical care and a tow provider, this process can save lives and save costs.
“Claims expense represents up to 76% of gross premium, fraud represents 4-15% of total claim value, late accident reporting results in a 33% higher payout and telematics results in 40-50% higher response time,” said Nino Tarantino, CEO of Octo Telematics North America. “Partnering with an industry leader like Agero not only benefits its customers, but will also accelerate the adoption of insurance telematics – insurance customers will have the peace of mind of a quick and seamless process while the carriers have a better ability to control claims costs.”
Category: General Update, News
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