LONDON--(EON: Enhanced Online News)--Octo Telematics, the number one global provider of telematics for the auto insurance industry, has signed an agreement to provide its telematics and data analytics services to Girls Drive Better, the flagship brand of Policywise.
Girls Drive Better was established following the EU Gender Directive of 2012. This Directive meant that insurance pricing could no longer take into account gender, whether or not men or women were less risky drivers. However, by employing telematics to measure the unique characteristics of each driver, Girls Drive Better can offer female drivers the full benefit of their positive driving habits. Female drivers can therefore gain from a more complete understanding of every aspect of their behaviour behind the wheel and receive a personalised policy that goes even further beyond their gender.
Octo will provide Girls Drive Better with a full range of telematics services. These services will allow more accurate risk pricing and streamlined claims management. Customers that are more safety conscious will also gain rewards. Insurers that have partnered with Octo have achieved double-digit improvements in Combined Loss Ratio. They have also delivered better value policies to motorists
The agreement will provide Octo’s advanced analytical capabilities and full telematics ecosystem including sensors, Driver Behavior Scoring, a First Notification Of Loss (FNOL) platform and Stolen Vehicle Recovery (SVR).
Martin Williams, MD Octo Telematics UK, said: “Every driver is different and has a different driver DNA. It’s important that this be recognised by insurers as they seek to accurately price risk. The female demographic, particularly those aged 17 – 25, is traditionally believed to be a safer risk for insurance companies than men of the same age group. With telematics, however, insurers are able to drill deeper and offer precise policies for individuals without relying on traditional categories. Girls do often drive better and more safely, by working with Girls Drive Better and Policywise, we can make sure they receive the benefits as well.
It’s important to us to work with reputable and experienced companies and Policywise fit the bill perfectly. We are very pleased to have signed this agreement to help them spread the telematics message.”
Simon Jackson, CEO of Policywise, said: “Octo have a great heritage and name. The functionality and scoring that they provide are of a very high level and fit perfectly with our brand. We have seen some very encouraging business results since beginning our work with them as their expertise also helps ease the sometimes complicated process of actually installing telematics boxes—a process which can sometimes be a pain point for customers. Octo’s entrepreneurial nature and ability to deliver on promises has made the entire process very smooth and we’re really looking forward to many years working together.”
The agreement was signed in January 2017.
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 is one of the pioneers of 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 4.8 million connected users and the largest global database of telematics data, with over 146 billion miles of driving data collected and 379,000 crashes and insurance events analyzed (as of 31 December 2016). 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 Sao Paulo.
About Girls Drive Better
Girls Drive Better is the flagship brand of Policywise. In addition to its insurance policies tailored specifically for female drivers, Policywise provides specialist motor, home business and fleet and family cover in addition to its temporary cover policies.
Policywise provides telematics insurance policies without mileage restrictions or curfews to better enable the Company to tailor its cover, particularly for younger drivers.
Policywise is headquartered in Oldham.
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