Octo Telematics Releases Try&Drive for Small to Mid Size Insurance Companies; Rockingham Group Signs To Build Teen Driver Program
As you may know, Usage-Based Insurance (UBI) is growing at a rapid clip. While a fairly recent innovation being adopted by auto insurers to more closely align driving behaviors with premium rates for auto insurance, Octo Telematics, with over 3.5 million customers worldwide, has been the leader in such since 2002, disrupting traditional auto insurance models for the benefit of both the insurer and the insured.
According to the National Association of Insurance Commissioners, UBI programs offer many advantages to insurers, consumers and society. Linking insurance premiums more closely to actual individual vehicle or fleet performance allows insurers to more accurately price premiums. This increases affordability for lower-risk drivers, many of whom are also lower-income drivers. It also gives consumers the ability to control their premium costs by incenting them to reduce miles driven and adopt safer driving habits. Fewer miles and safer driving also aid in reducing accidents, congestion, and vehicle emissions, which benefits society.
Just this week, Newton, Mass.–based Octo Telematics, a global leader of advanced telematics systems and services to the automotive and insurance industries, announced that it has released “Try&Drive” – a white-labeled insurance telematics platform to enable small and medium sized insurance companies to quickly create a compelling and successful Usage-Based Insurance (UBI)program. Virginia-based Rockingham Group has signed on as the first partner, using Try&Drive to build an innovative teen driver program later this year.
UBI programs offer mileage-linked discounts through combined GPS technology and cellular systems that track driving behavior, offering advantages to insurers and consumers.
Octo Telematics provides advanced telematics systems and services to the automotive and insurance industries, managing and monitoring crucial data that creates safer drivers. Its solutions are tailored to meet the needs of its partners, allowing them to create personalized insurance telematics programs that provide a clear competitive advantage and incentives for customer loyalty. Octo maintains the world’s largest insurance telematics statistical database and brings insurers extensive experience with infrastructure, device logistics, installation and client care.
“At Octo, we deliver a tailored telematics solution to meet the needs of our customers, and now we have solutions to fit the needs of any sized insurance company,” said Nino Tarantino, CEO of Octo North America. “Insurers have always been able to work with us to build a customized telematics program around their specific needs. With Try&Drive they can also white-label the program, designed to contemplate all aspects so that insurers can quickly and affordably launch UBI programs.”
Try&Drive is a white-labeled insurance telematics product leveraging Octo’s decade-plus experience creating bespoke programs for some of the world’s largest insurance companies. Based on Octo’s award-winning telematics platform, Try&Drive’s turnkey product alleviates many of the challenges associated with creating an insurance telematics program from the ground up. This allows insurance companies to focus on their core business and avoid the hassles of managing UBI design and implementation.
Try&Drive’s modular program platform includes: devices, actuarial grade data, driver and contextual level data, M2M systems integration, driving score and discount, CRM, logistics and shipping, customized website and mobile application, telecommunication, back-end portal, ticketing, reporting, training and full-program support.
Octo Telematics has over 3.4 million active customers, and offices and partners throughout the world, providing telematics to more than 150 outstanding insurance partners, carmakers and rental companies. With over 169 Billion data points and more than 450,000 crash events analyzed; Octo maintains the world’s largest insurance telematics statistical database.
Learn more:
- Website: www.octousa.com
- Facebook: https://www.facebook.com/pages/Octo-North-America/118205004862395
- Twitter: https://twitter.com/octotelematics