Octo Telematics Integrates Telematics with Smart Phones for Insurance Tie-in

Octo Telematics (Octo), a global provider of telematics for the auto insurance industry, has announced the platform-to-platform integration of its digital smartphone, smart tag solution, Glimpse Plus (Smart Tag in Europe) with Guidewire PolicyCenter, the policy administration system developed by Guidewire Software, a provider of software products to Property & Casualty (P&C) insurers.

Here’s how it works: Glimpse Plus uses drivers’ smartphones to collect driving data through IoT-enabled tags and analyzes it with proprietary algorithms. The platform-to-platform integration of Glimpse Plus means that insurers using PolicyCenter can now easily offer their clients Octo’s telematics offering.

PolicyCenter automates underwriting and policy management exclusively for P&C insurers and manages the entire lifecycle of a policy from creation through to renewal. Guidewire and Octo telematics can therefore provide a telematics-enabled, end-to-end automated policy management solution.

Telematics insurance policies are seeing widespread global growth, due to benefits such as up to an 18% improvement in combined ratio, according to data collected by Ptolemus Group, which also predicts that the number of UBI policies will reach nearly 100 million worldwide by 2020; with global smartphone penetration set to reach 2.87 billion users in the same year. Approximately 65% of UK consumers and 64% of North America consumers are already using a smartphone in 2017.

There is an emphasis placed on facilitating telematics growth by providing products that can seamlessly integrate with devices already owned by consumers. Octo has therefore developed the Glimpse Plus solution to answer these needs. Glimpse Plus utilizes a sensor tag that is easily placed in the vehicle and automatically paired with the driver’s smartphone. It then continuously monitors the vehicle operations and accurately reports trips, mileages and risky events for usage-based insurance (UBI) and Crash data for Claims Management.

The overall low-cost solution makes insurance telematics accessible to all, using drivers’ smartphones with the combination of high-quality data reliability guaranteed by Octo smart tags. Glimpse Plus integration with PolicyCenter means that Guidewire and Octo telematics can support P&C insurers to more easily provide fully-automated telematics insurance policies to their customers.

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