Octo is a data analytics and software business. They’re reinventing the insurance and mobility markets. Today, they’re the global leader in driver analytics software and systems, for the rapidly expanding InsurTech and mobility sectors – think car sharing platforms and digital systems for calibrating car insurance premiums and claims pay-outs.
Octo’s strategy is to develop the ultimate, digital platform for capturing driver behaviour and location-based data from diverse sources, to re-invent the automotive insurance sector and driving experience.
We are entering an era where drivers, insurers and mobility providers will have a much closer, more direct relationship. What has historically been a low involvement relationship with consumers will become high engagement with added value services, in real time. Combined with AI, driver analytics software will provide more predictive guidance to drivers, as well as impact how premiums and claims are calculated, charged and processed.
It’s a disruptive technology, requiring insurers to rethink their business models and become part of a complex, digital mobility ecosystem. For example: driver’s will get real-time feedback on their driving habits and potential road hazards, like volume of cyclists, schools, weather and accident-prone zones. Octo’s platform will also support the new age of mobility, where more vehicles will operate on car-sharing schemes or subscriptions. This will change, dramatically, the relationship between insurers, drivers and car-sharing provider.
We’ve been supporting Octo in hosting global summits which bring the insurance, technology, data analytics and mobility providers together, to shape the future of intelligent insurance and mobility.
April 19, 2020