Last few years have been extremely critical for technology & telematics trade. We are well into the transformation phase which everyone has been preparing for all this time. New ways of doing things are being introduced and economical structures are being revamped. The automobile sector is also witnessing something similar, perhaps at a slower rate than some other industries, but their wait has more to do with deliberation over how to best use a certain technology which could potentially put their growth rate on the highest stand. That technology is telematics. Telematics’ popularity has grown exponentially over the recent past as the industry experts preached its use for best possible efficiency.
Churning out the optimal potential of this technology is the established telematics solution provider, Octo. Started in 2002, Octo has swiftly clambered up to become one of the most trusted insurance telematics company. Octo was the first company ever to offer hoc solutions for the insurance and automotive markets. From then onwards, the organization has went on to refurbish the operations of insurance companies by helping them in integrating constant innovation into the very core of their systems. Octo now boasts the largest global telematics database. The company’s meticulously crafted solutions have added a different edge to the concept of auto insurance by facilitating a more precise assessment of possible risk. The freshly designed solutions have also trimmed the timeframe required to carry out the necessary procedure, giving the insurance companies a bigger slot to work towards protecting their clientele and adding more customers to it over time.
‘With our innovative, end-to-end telematics platform, insurers can leverage IoT and data intelligence to analyze customer risk factors in real-time and improve their business productivity and cost-efficiency,’ The CEO of Octo, Nino Tarantino, remarked.
When it comes to insurance, a lot of work goes into curbing the risk, and with Octo’s First Notice of Loss (FNOL) feature that gets a lot smoother. FNOL helps the insurance companies in giving an immediate response to any accident. As a result, the number of unwanted possibilities can be automatically reduced by proactive measures like freezing the crash scene at the earliest in order to better assess the damages. These proactive measures are further made feasible by Octo’s reverse arrangement of post-crash communication between the insurer and end user. This whole process eventually results in swift dispatching of the claim to the victim.
Such consumer-oriented moves have made Octo a big name in the industry. With a track-record of assessing over 417,000 crashes, Octo can stake an assertion of being a highly-experienced force. This experience has been gathered from diverse cultures like Italy, U.K, and North America.
Octo didn’t arrive at the scene armed with latest technology. Initially, they had used the collected data for basic form of reporting such as amount of kilometres amassed by a vehicle on the road. It was only in 2010 that they implemented qualitative telematics with behavioural components. This gives another insight into Octo’s ability to adapt and its openness to evolve.
Octo’s vision for the future revolves around its recently launched Next Generation Platform (NGP) that allows relaxed access and hassle-free incorporation of any Application Performance Interface (API), along with fully-modular insurance telematics configuration through mix and match service selection. The setup is chiefly focused on bringing new customers on the company’s system in a quicker and uncomplicated manner, which is then expected to broaden the collaborative openings. Octo maintains that it’s equally interested in working with fresh and energized start-ups as it is in linking-up with organizations of its own size.