LONDON--(BUSINESS WIRE)--Octo Telematics, the global leader in telematics for insurance companies and car makers, has added four insurers to its free smartphone driving app Octo U through IGO4 Partners, offering users the opportunity to receive the best from a range of competitive quotes to reward good driving.
The insurer panel of four includes AXA Insurance and LV=Broker, with others to be added in coming months. The app allows drivers to experience the benefits of telematics without being tied to one company and enables insurers to provide up to 10% discounted insurance quotations to customers with a qualifying driver score.
Fabio Sbianchi, CEO, Octo Telematics says: “We are putting control back into the hands of drivers. We hope that by better understanding what makes a good driver and with the incentive of a reduced insurance quote, users of Octo U will be safer on the roads.”
Matt Munro, CEO, iGO4 comments: “iGO4 offers Octo U users access to a leading panel of insurers who will offer competitive rates by rewarding safer drivers. It’s important to see the financial benefits of good driving and Octo U offers an innovative way to do that in partnership with our company.”
Octo U uses telematics technology to monitor and score driver behaviour, measuring speed, braking intensity and acceleration. Drivers who obtain the satisfactory score of 7.5 and above are then rewarded with the option of submitting their score to a panel of insurers for a quote discount of up to 10%, which they can choose to accept at their discretion*.
Octo U uses GPS and accelerometer technology to gather journey information and rank each trip based on driving behaviour. The app also takes into account elements such as road conditions, time of day, and type of road, distance, length of journey, cornering and traffic. Whatever their score, the app sends drivers tips on how to improve.
Benefits of Octo U:
- Auto stop and start function requires no driver interaction and makes it easy to record trips
- Accurate insights into driving behaviour
- Practical hints and tips on how to improve
- Discounted insurance premiums for good drivers
- Benefits of telematics in a smartphone format
Octo U has had over 136,000 downloads since launching in August 2015.
Octo U is also supported by Brake, the UK road safety charity which campaigns for better driving.
Ellie Pearson, fleet engagement manager, Brake, said: “Changing driver behaviour is crucial in reducing collisions and helping all road users to make safer choices at the wheel. In-vehicle technology is an invaluable tool in informing and improving driver behaviour.
“Telematics can play an important role in alerting road users to their own risky and potentially dangerous behaviours such as speeding and harsh braking, which is why we are excited about the launch of Octo U.”
Octo is committed to enhancing the motoring experience using embedded and mobile technology for new connected services to benefit drivers. Industry experts predict there will be a quarter of a billion connected vehicles on the road by 2020, enabling new in-vehicle services and driving capabilities, making connected cars a major element of the Internet of Things (IoT).
Octo U is available as a free download for iPhones and Android devices on Google Play, Apple app store and Amazon Kindle store.
Visit: http://www.octou.com/ for more information.
* Insurance option UK only
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About Octo Telematics
Octo is the number 1 global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, Octo invented the insurance telematics industry. Today, Octo is the largest and most experienced insurance telematics company in the world, transforming auto insurance through behavioral, contextual and driving analytics for more than 60 insurance partners. Octo has more than 4 million connected users and the largest global database of telematics data, with over 100 billion miles of driving data collected and 250,000 crashes and insurance events analyzed. Octo applies proprietary algorithms to this market-leading database to deliver powerful new insights into driver risk, informing solutions that benefit both auto insurance companies and policyholders. The company is headquartered in London, with offices in Boston, Rome, Stuttgart, Madrid, and San Paolo. http://www.octotelematics.com/en/
