5/17/2023 0 Comments Octo telematics uniboxOcto is in advanced discussions with insurance partners to launch this model in a growing number of international markets. For example, in the UK, drivers with good scores are rewarded with the option of a discounted insurance quote from a panel of insurers, which they can choose to accept at their discretion. It also takes into account outside variables often directly affected by weather, such as road and traffic conditions, to determine driver scoring. Octo Telematics' new Octo U app uses a unique algorithm based on GPS point-retrieving technology to gather journey information and rank each trip based on factors such as speed, breaking and acceleration. According to SMA Research, approximately 36 percent of all auto insurance carriers are expected to use telematics UBI by 2020. Telematics technology enables insurers to offer insurance policies that are customized according to the policyholder's driving patterns and performance. Usage Based Insurance (UBI) telematics solutions are gaining traction in North America and in European markets like Italy and the UK. Octo U has currently launched in the UK, Italy and Spain. Octo U is a free mobile app that uses proprietary algorithms to offer personalized pay-as-you-drive – or usage-based-insurance – quotes based on driver behavior. 26, 2015 /PRNewswire/ - IBM INSIGHT 2015 - IBM (NYSE: IBM) and The Weather Company today announced that Octo Telematics, the leading insurance telematics services provider, is using real-time weather data from the two companies as a critical input to its driver behavior scoring app.
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