Octo Telematics Hits One Million User Mark in North America for Usage Based Insurance (UBI)
By Business Wire News
By Business Wire News
Octo Telematics, the global leader of advanced telematics systems and services to the automotive and insurance industries, today announced that it has passed the one million UBI-user mark in North America, having shipped more than one million of its award-winning telematics devices, further solidifying its global insurance telematics leadership position.
“With over 3.7 million active customers worldwide and our rapid growth in the North American market, it is clear that we are the number one choice for unique, powerful UBI programs among leading insurance providers,” said Nino Tarantino, CEO, Octo Telematics North America. “With this growth, we are accelerating our investment in development, infrastructure, operations, and people, to further meet our partners’ needs as they continue to scale and the market evolves.”
Gartner Research predicts that by 2020, there will be a quarter billion connected vehicles on the road and that during the next five years, the proportion of new vehicles equipped with this capability will increase dramatically, making connected cars a major element of the Internet of Things (IoT). Octo Telematics has 12 live UBI partner programs in the U.S. and Canada, with two more set to launch before the end of 2015. The company boasts the largest database of driving and correlated crashes, and its devices make any car a “connected car.” Octo Telematics is leading the charge for insurance companies to offer connected telematics capabilities to their customers that increase loyalty, attract better drivers, reduce costs and increase revenue.
“Octo Telematics is an innovative force, leading the way for insurance telematics the world over,” said Fabio Sbianchi, CEO, Octo Group. “Our further investment in the North American market is a powerful representation of our commitment to helping our partners and millions of users realize the full potential of these technologies.”
Octo Telematics North America launched in 2011 as a joint venture between Octo Telematics and Directed Electronics. Today, Octo North America is wholly owned by Octo Telematics and Directed Electronics remains a valued strategic technology and logistics partner.
About Octo Telematics
With offices and partners worldwide, Octo Telematics is the most advanced Telematics Service Provider (TSP) to insurance partners, carmakers and rental companies. Founded in 2002, Octo’s award winning Usage Based Insurance (UBI) services have achieved widespread adoption, adding several hundred thousand customers each month. Today, Octo maintains the world’s largest insurance telematics statistical database.
Based in Boston, Octo Telematics North America launched its first UBI program in 2011. Today, Octo maintains the most robust data and service infrastructure, device logistics and client care program, enabling unrivaled customer success throughout North America. For more information visit www.octousa.com and follow us on Twitter @octousa.
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PerkettPR for Octo Telematics
Christine Perkett, 617-504-8687