Telematics in Insurance
Octo Launches Link Program
A new digital platform connecting drivers and insurers based on the Octo U App
Toronto, ON (Nov. 21, 2016) – Octo Telematics has launched the Link Program, a new digital services platform which provides cross-industry services for simple and secure sharing of driver telematics data, enabling direct communication between insurers and clients. The wide range of services provided by the Link Programme is based on driver scoring and contextualized risk analytics collected by the successful Octo U App, which connects Octo's 4.6 million connected users with insurers.
The Link Program provides insurers with the data necessary to effectively and efficiently assess and price insurance risk and better manage customer relationships. Moreover, the platform is automatically updated with client driving data, rather than requiring the manual input of static data that current aggregators rely on.
Mauro Cantoni, Vice President Insurance at Octo Telematics, explains that the "Link Programme has been designed to support any motor insurer, regardless of their interest in telematics. It addresses the complete customer relationship lifecycle: from acquisition through engagement to retention. Using our Link Programme means that, not only can insurers take advantage of a built-in telematics user base to diversify their portfolios, but they can also accelerate digitalisation. In today's marketplace, consumers are used to managing finances from their smartphones and it makes sense for this system to be adopted by insurances to develop a stronger, more valuable direct connection with their customers."
In particular, the Link Programme provides the following services:
- User Connection Program – an affinity programme to reward Octo U users. Insurers will be able to advertise on the Octo U app, become part of the Octo community and offer discounts and rewards.
- Lead Generation Program – providing qualified and enriched contact lists that can be used by insurers to build and manage new customer acquisition programmes.
- Lead Connection Program – speeding up customer acquisition processes by attracting prospects into contracts through marketing initiatives directly managed by Octo.
- Telematics Switch Program – providing insurers with the option to switch new and existing customers to telematics-based policies, allowing continuous monitoring of driver behaviour and risk assessment.
- Customer Loyalty and Rewards Program – an insurance loyalty programme based on digital marketing and telematics gamification to address challenges in markets with high churn rates.
Octo Telematics is currently working on the Link Program with five insurers in the UK, Germany and Brazil, with more to be added shortly.
Octo Telematics Link Program continues to innovate the industry, introducing a transparent digital ecosystem, which promotes a better relationship between insurers and their customers, inspires consumer loyalty, supports market growth and further drives the adoption rate of telematics insurance packages.
About Octo Telematics
Octo is the number one global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, 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 4.6 million connected users and the largest global database of telematics data, with over 136 billion miles of driving data collected and 358,000 crashes and insurance events analyzed (as of September 30, 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. For more informatation, visit www.octousa.com.
Source: Octo Telematics
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