By Nino Tarantino, CEO, Octo Telematics North America
Toronto, ON (Feb. 18, 2016) – Consumers are coming around to telematics and connected car awareness, yet there remains a general sense of unease around insurance UBI programs. Insurers face the task of navigating a traditionally tenuous and inconsistent customer relationship, with the added skepticism of a “big brother” fear. Many consumers have not yet grasped the full value of telematics programs beyond a savings on insurance costs.
As we move into 2016, insurers adopting telematics programs must put resources behind the effective marketing and education of such to their consumer users. Understanding and embracing the broad reach and expected impact of telematics can help to do so.
In automotive, telematics can solve a critical need to improve safety measures and reduce the number of road accidents, as well as improve efficiency to ease ever-increasing traffic congestion. Octo anticipates that 2016 will be another exciting year in telematics as new technologies add more value to insurance propositions and how businesses measure and manage their fleets.
Telematics technology has come a long way since Octo invented Insurance Telematics. Fleet managers first used those early GPS devices that sported external antennas in 2002. Back then, data collection was limited to GPS location, which had to be processed through clunky IT infrastructure.
Read the complete five-page white paper in PDF format.
About Octo Telematics
With over 3.5 Million active customers, and offices and partners throughout the world, Octo Telematics is an advanced Telematics Service Provider (TSP) to more than 150 outstanding insurance partners, carmakers and rental companies. Founded in Rome in 2002, Octo’s award winning services have achieved widespread acceptance, recently adding more than 180,000 additional new customers each month and recording, processing and storing more than 162,000 data points every minute. With over 169 Billion data points and more than 450,000 crash events analyzed; Octo maintains the world’s largest insurance telematics statistical database. For more informatation, visit www.octousa.com.
Source: Octo Telematics