Has revolutionised the business model of major insurance groups worldwide, thanks to a GPS system with advenced data-processing technology that allows for customised rates and support
Ha rivoluzionato il modello di business dei più importanti gruppi assicurativi del mondo. Grazie a un sistema Gps con tecnologia all'avanguardia di elaborazione dati. Per offrire tariffe personalizzate e assistenza
Today, Octo Telematics is a leader in providing telematic services and systems for the insurance and car markets, holds 36% of the global market in insurance telematics, and gains over 7 thousand new clients every day. To date there are over 4 million cars that are fitted with our technology and clients that use Octo’s services. The Clear Box was created to reward honest clients, and goes beyond the concept of the black box. With its sophisticated Gps system, it can record journey routes and how long the vehicle has been used, and enables a series of services of added value to insurance companies and motorists.
These services include everything from profiling the motorist’s style of driving to develop personalised pay-per-use and pay-as-you-drive policies, to recording data on accidents and their management to develop claim management services. It also offers Svr (Stolen vehicle recovery) services in case a vehicle is stolen, emergency assistance and fleet services. Its approach is therefore win-win, allowing companies and clients to share objectives, results and tangible benefits.
Octo Telematics was born in 2002. It identified a need and turned it into a cutting edge idea. Getting started wasn’t easy. «We went from selling insurance to selling a product that could certify the use of a car by a single client. Our counter went instinctively against the business model for an insurance company, which works on the basis of the mutuality between clients. In fact, we introduced pay-per-use before the term even existed», explains Fabio Sbianchi, the founder and Ceo of Octo Telematics.
In 2005, the Unipol Group launched the first third-party car insurance policy with a special premium based on telematic services. Then Axa, Bmw and Fiat followed suit and Octo became a pioneer in a new sector. In 2008 Octo started expanding internationally, opening offices in the Uk, France and Spain and then in Brazil. In 2010 Octo Usa was founded, and in 2013 the company opened offices in Germany. In 2015 it transferred its headquarters from Rome to London.
Today the second biggest market is North America, where Octo already provides its services for over 1,000,000 vehicles. So what are Sbianchi’s ambitions for Octo’s future? To set up a Telematics Academy to compete in training future managers that will drive the insurance sector and connected cars revolution in various industries.