Octo Telematics

Last updated
Octo Group S.p.A.
Company type Private
IndustryConnected Insurance, Fleet Telematics, Smart Mobility, Smart Cities
Founded2002
FoundersFabio Sbianchi
Giuseppe Zuco
Headquarters
Rome
,
Italy
Number of locations
 Rome, London, Boston, Madrid, Sao Paulo
Area served
 Global
Key people
Corrado Sciolla (CEO)
Products Telematics, IoT, Data Analytics, Cloud Computing

Octo Group S.p.A. , operating as Octo Telematics and corporately styled as OCTO, is an Italian multinational technology company. Founded in Italy in 2002, OCTO is most known for providing telematics and Internet of things (IoT) analytics to the auto insurance industry. This is commonly known as Usage-based insurance (UBI) or pay-as-you-drive insurance. [1] Today, the company is one of the largest telematics and data analytics service provider for the car insurance industry. [2] With their advanced analytical services, OCTO also serves the fleet management industry and provides IoT solutions to a number of other markets.

Contents

The company is headquartered in Rome, with offices in Boston, London, Madrid, Stuttgart, Sao Paulo and Shanghai. [3] OCTO's big data set is enriched by data collected by connected users around the world. Drivers automatically provide data relating to the car, [4] their driving behavior, localization, context, possible accidents, [5] along with other complex data. This is stored and analyzed based on a combination of thousands of parameters.

Products and services are developed for insurance companies, fleet managers, car manufacturers and shared mobility operators. Governments and cities are also part of the growing customer base. [2]

Globally, OCTO has more than 6 million connected users [6] [2] [7] that is said to generate 267 billion miles [7] of driving data and 473,000 crashes and insurance related events. [7] Within the shared mobility market, OCTO serves more than 10 car sharing services [8] with more than 400,000 rentals per month. [7]

History

Products and services

OCTO develops products and services that operate with a wide range of devices (including smartphones, Black-Boxes and OBD), vehicles (including, cars, trucks, motorbikes and bicycles [2] ), pets and consumer segments. These are then integrated with their partners' IT systems and business processes. The technology and platform used is modular and offered as a complete or part of the solution provided. [2]

A partnership between OCTO and Telecom Italia (TIM) to develop data-driven services for vehicles not yet connected to the mobile network was formed in December 2019. The first product launched from the partnership was the TIM BabyPad, a device to detect whether a child is in their car seat and make sure they are not left unattended. [15]

In May 2020, OCTO launched two new IoT products in response to the COVID-19 pandemic. Both designed to support the recovery back to normal life, OCTO AroundMe is a Bluetooth solution[ buzzword ] for distancing and OCTO PurePlace is a sanitation solution based on nanotechnology developed by NASA. [16] [17]

Insurance Telematics

Risk Management, Claims Management, Anti-Theft, eCall/bCall, Assistance Control Room

Smart Mobility

Fleet Telematics, Vehicle Sharing, Corporate Vehicle Sharing, Vehicle Renting, Carpooling, Ride Hailing

Smart Analytics

Analytics as a Service, Geographic Vehicle Flows, Engine Data Reporting, Vehicle Utilization Data, Data Driven Score

Digital Journey

Mobile App, Software Development Kit (SDK), Application Programming Interface (API), Widget toolkit

Trademarks

Sponsorship

Related Research Articles

Usage-based insurance (UBI), also known as pay as you drive (PAYD), pay how you drive (PHYD) and mile-based auto insurance, is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place.

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References

  1. ↑ Picker, Leslie (26 January 2016). "Deal Book: Octo Telematics, Whose Technology Monitors Driving, Prepares I.P.O." The New York Times . Retrieved 2016-12-08.
  2. 1 2 3 4 5 "Nicola Veratelli, Octo: "We need to enable a better life for connected people"". Global Fleet. 18 May 2020. Retrieved 2020-06-04.
  3. ↑ "Home | OctoTelematics". octotelematics.com. Retrieved 2016-12-08.
  4. ↑ "Insurers test the limits of telematics' big data". Financial Times. ft.com. 28 June 2016. Retrieved 2016-12-08.
  5. ↑ "Crash test: The tech driving down car insurance fraud - BBC News". BBC News. 22 March 2016. Retrieved 2016-12-08.
  6. ↑ "Octo Telematics partners with SAS to enhance analytical capabilities across its insurance IoT platform". SAS. 31 May 2019.
  7. 1 2 3 4 "OCTO per la "Nuova Normalità"". ANSA.
  8. 1 2 "OCTO Acquires Nebula Systems, Reinforces Its Leadership in Intelligent Vehicle Diagnostics". Business Financial Post. 4 December 2019.
  9. ↑ "Octo Telematics, Whose Technology Monitors Driving, Prepares I.P.O." The New York Times. 26 Jan 2016.
  10. ↑ "Octo Telematics acquires TRS for € 7 million". Telematics Wire. 16 Dec 2016.
  11. ↑ "Octo Telematics to Acquire Willis Towers Watson's UBI Assets". IIR. 13 Oct 2017.
  12. ↑ "OOcto Telematics to acquire UBI assets of Willis Towers Watson". International Fleet World. 11 October 2017.
  13. ↑ "Octo Telematics invest in Nebula Systems". Prima Pagina News.
  14. ↑ "On the Move Together". Business Wire. 18 Apr 2019. Retrieved 13 September 2019.
  15. ↑ "TIM, OCTO Telematics Team Up to Develop Data-driven Solutions for Vehicles". The Fast Mode. 20 Dec 2019. Retrieved 2020-06-04.
  16. ↑ "OCTO launches distancing and sanitation solutions for the 'New Normal'". Fleet Europe. 22 May 2020. Retrieved 2020-06-04.
  17. ↑ "Coronavirus, OCTO Telematics affianca aziende e privati anche nella Fase 2". 20 May 2020. Retrieved 2020-06-04.
  18. ↑ "OCTO Telematics powers Techpilot project for ICBC". CoverageR. 19 Feb 2020.
  19. ↑ "Ducati - Racing - OCTO Pramac Racing MotoGP". ducati.com. Retrieved 2016-12-08.
  20. ↑ Dorna Sports. "Octo Telematics: New Title Sponsor for British MotoGP™ round". motogp.com. Retrieved 2016-12-08.
  21. ↑ "Pramac MotoE announces Octo as title sponsor for the first fascinating 2019 MotoE season". Pramac Racing. 4 April 2019.
  22. ↑ "Octo Bridgestone Cup 2019". Paralympic Riders.
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