|By Business Wire||
|February 17, 2014 03:00 AM EST||
Octo Telematics, the fastest growing provider of advanced telematics systems and services to the auto and insurance industries, today announced it is launching operations in Canada, building on the success of its Usage Based Insurance (UBI) programs in the United States and further solidifying Octo’s global leadership position.
During the past few years customer acceptance of insurance telematics has grown significantly. The majority of U.S. auto insurers already have UBI solutions available or in development and Canadian insurers are now beginning to introduce programs as well. Since the start of its U.S. operations less than three years ago, Octo Telematics North America has launched seven insurance telematics programs with leading U.S. insurers. Earlier this year, both Intact Insurance and belairdirect launched telematics-based discounts in Canada using Octo Telematics systems and services.
“Octo has been refining and delivering quality insurance telematics services in Europe for more than 11 years and we have more than two million active customers in more than 20 countries. Octo Telematics in North America has grown rapidly, where we plan to invest and consolidate a world leadership role” said Fabio Sbianchi, CEO of Octo Telematics Group.
“Our joint venture with Directed is already a leader in the UBI business in the U.S., and we expect our new Canadian Operations, headquartered in Montréal, to quickly replicate the successes we’ve seen in the U.S. as we begin to offer comprehensive program service and support also in Canada. Octo focuses on growing value received by customers to create sustainable value for insurance companies. We can leverage the power of ‘Big Data’ to deliver actionable insight across claims management, pricing and customer assistance for the benefit of our insurance partners” said Nino Tarantino, CEO of Octo Telematics North America.
About Octo: With more than two million active customers, and offices and partners throughout the world, Octo Telematics is an advanced Telematics Service Provider (TSP) to more than 100 worldwide outstanding insurance companies and groups, as well as various government organizations and OEMs. Since being founded in Rome in 2002, Octo’s services have achieved widespread acceptance, recently adding more than 120,000 additional new customers each month and processing more than 72,000 data points every minute in maintaining the world’s largest insurance telematics statistical database. Through its joint venture with Directed, the largest designer and marketer in North America of consumer-branded vehicle security and remote start systems, Octo brings to insurers extensive experience with infrastructure, device logistics, installation and client care, enabling best-in-class support across the U.S. and Canada.
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