Octo’s Proactive First Notice of Loss (FNOL) allows insurance firms to rapidly react to an accident, just moments after it has occurred. The contact can be made with the policyholder proactively to collect as much information as possible and ‘freeze’ the crash scene. “Usually, the insurer receives a notification about the crash from the end user. With the tools we provide, this approach can be reversed and the insurer can become proactive toward the end user,” adds Tarantino. Additionally, getting in contact with the client immediately after the crash will help avoid attempts of fraud and third party interferences, while speeding up the claims management process.
Having invented the insurance telematics industry, Octo understands the needs of insurance firms and consumers, and creates programs that benefit both—improving retention rates and lifetime loyalty. “We are device agnostic and the real time usage and behavioral data collected through any Octo device can be analyzed and configured in different ways to create ‘smart services,’ ” explains Tarantino.
Octo has transformed the auto insurance market by enabling insurers to more accurately assess the price risk, pay claims, and manage connected users
For example, a customer’s driving style and performance can be shown on a personal ‘dynamics dashboard’ on their mobile. This can help drivers improve their driving, enhance fuel economy, and encourage safe driving awareness.
Octo has integrated its solutions with Original Equipment Manufacturers (OEM) to access and monetize driving data. For instance, they recently signed a deal with GM as its insurance telematics provider in 13 European markets for all new Opel and Vauxhall cars. In North America, Octo has developed Try&Drive, a white-labeled insurance telematics demo product that leverages Octo’s decade-plus experience creating bespoke programs for some of the world’s largest insurance firms. In early 2016, Octo partnered with The Ohio State University’s Center for Automotive Research for comprehensive engineering analysis and testing of Octo’s new products and services before they hit the market. In addition, The Octo U app launched in Europe last year is the first step in Octo’s Business-To-Consumer- To-Business (B2C2B) strategy, putting insurance in the hands of consumers.
The company aims to become the definitive telematics provider for insurance firms across multiple industries, going beyond the automotive arena. Octo enables insurers to better understand and engage with users to move from viewing them as a file number to having a far deeper relationship and understanding of their driving behavior and usage. “Octo has transformed the auto insurance market by enabling insurers to more accurately assess the price risk, pay claims, and manage connected users,” concludes Tarantino.