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Frost & Sullivan Growth Leadership Award Presented to Octo Telematics S.p.A - The 2010 Frost & Sullivan Europe Growth Leadership Award in Telematics enabled Usage Based Insurance (UBI) is presented to Octo Telematics S.p.A. (Octo)
Frost & Sullivan Growth Leadership Award Presented to Octo Telematics S.p.A

 

NewswireToday - /newswire/ - London, United Kingdom, 2010/09/15 - The 2010 Frost & Sullivan Europe Growth Leadership Award in Telematics enabled Usage Based Insurance (UBI) is presented to Octo Telematics S.p.A. (Octo).

   
 
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"The company's ability to offer unique UBI based on various algorithms and to balance diverse regional markets by strategically positioning its services has enabled it to remain a market leader for almost three years," notes Frost & Sullivan Research Analyst Mohammed Mubarak. "Octo's extensive telematics production line and ability to cater to unique regional needs within the insurance industry are commendable."

Octo uses different algorithms for premium calculations based on regional requirements. For instance, in France, it calculates UBI purely on the mileage details of the customer, without considering location details.

One of Octo's key success factors is its diverse portfolio of stakeholders and telematics services – ranging from UBI, emergency services, traffic management, stolen vehicle tracking, road charging and vehicle diagnostics. This wide-ranging services portfolio has helped Octo to design UBI solutions optimally suited to customer requirements.

"Octo is able to offer an end-to-end UBI solution by leveraging its partnerships with various companies in the value chain," remarks Mubarak. "Rather than the insurance company interacting and managing different suppliers for UBI, Octo does the programme management and acts as a single point of contact for insurance companies, thereby reducing operational overheads and costs."

Octo is the official provider of UBI to over 50 insurance companies. Since 2005, it has gained over 1 million subscribers spread across all its product lines offering UBI services in Italy, France, Spain, Austria, Belgium and the United Kingdom.

The company conducts pilot projects and works on mobile services applications with insurance and automotive companies in Europe as well as North and South America. Octo was the first company to be certified this year as ‘Infrastructure Provider' in Brazil under a new law requiring that telematics devices be installed in all new vehicles sold.

Octo has successfully changed the entire existing UBI business model which has been based on selling expensive telematics hardware to end customers. Instead, it leases the hardware and the UBI solution to insurance companies at a very nominal charge for an average of 3 years.

"This model reduces the burden on the policy holders and offers a better return on invest for the insurance companies," explains Mubarak. "The success of this model is evident from the 40 per cent year-over-year increase in activations witnessed in the market."

Octo has had long standing partnerships with leading insurance companies, vehicle manufacturers, public bodies and other companies in Europe. It works with various government entities and public bodies on pilot projects involving telematics-based mobility.

For instance, it is engaged in the ‘Industria 2015' project in Italy whose goal is to develop telematics applications for vehicle insurance and manage a wide fleet of vehicles equipped with telematics systems. Octo Telematics is part of ‘TeleFOT - Field Operational Tests of Aftermarket and Nomadic Devices in Vehicles. This European project aims at evaluating the functionality of portable devices for use on board and the impact of nomadic technologies on drivers' behaviour.

"Similarly, Octo offers telematics hardware and services like security services (stolen vehicle tracking), road assistance, remote diagnostics and vehicle management to various vehicle manufacturers like Fiat, Alfa Romeo, Lancia, BMW, Audi, Volkswagen, Opel, Saab, Toyota and Lexus," concludes Mubarak. "Such alliances and partnerships have underlined Octo's ability to deliver a wide portfolio of telematics services to the European market."

The Frost & Sullivan Award for Growth Leadership is presented to the company that has demonstrated excellence in capturing the highest annual compound growth rate for the last 3 years.

Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About Octo
Octo Telematics (octotelematics.com) specializes in the provision of telematics services and systems for the insurance and automotive market. Founded in Rome in 2002, Octo Telematics has over one million active clients and more than 1.2 million total subscribers, with subsidiaries and partners in Europe, USA, South America, and Asia. Bearing the largest telematics fleet in Europe for the number of clients and a database of the most complete figures and statistics globally, Octo Telematics represents a best practices scenario within the panorama of infomobility and vehicle telematics.

About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.

Octo Telematics Contact:
Octo Telematics S.p.A.
Via Lamaro, 51 - 00173 Rome, Italy
att. Rob Martin, rob.martin[.]octotelematics.com.

 
 
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Frost & Sullivan Growth Leadership Award Presented to Octo Telematics S.p.A

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