(Sept 3rd, 2014) Octo Telematics, the fastest growing provider of advanced telematics systems and services to the automotive and insurance industries, today announced that it has extended its partnership with insurethebox, the UK’s leading provider of telematics car insurance for another two years.
As the demand for insurethebox’ personalised telematics-based vehicle insurance continues to grow, insurethebox has signed a new contract with Octo, which will see Octo continue to supply the “black box” telematics technology fitted to each insurethebox customer’s vehicle.
To date, over 300,000 Octo ‘black boxes’ have been fitted to vehicles driven by insurethebox customers since the partnership began with Octo in 2010. The ‘black boxes’ which monitor driver behavior, host a GPS transmitter to record the location of the driver, a gimbal to record the movement of the vehicle and a SIM card to transmit all relevant data to a central portal that can be viewed by the insurethebox customer and insurethebox analysts.
The principal factors in insurethebox deciding to extend their agreement with Octo is because Octo have consistently demonstrated their expertise in managing not only the installation of the ‘black box’, but also in delivering the quality and volume of data that insurethebox demand, so as to offer their customers the most cost-effective, personalised telematics based insurance solution.
Mark Grant, business development manager, insurethebox, said: “Over the past four years, Octo have been a trusted partner for insurethebox. The Octo technology and quality of data has played a significant role in helping our business develop to become the UK’s leading provider of telematics car insurance”.
Martin Williams, UK managing director, Octo, said: “The extension of the agreement between Octo and insurethebox is a further endorsement of the popularity of UBI (user based insurance) amongst drivers. Octo are delighted to continue working with insurethebox to provide the technology and data that supports the growth of the insurethebox business and delivers significant savings for their customers.”
About Octo: With over two and a half million active customers, and offices and partners throughout the world, Octo Telematics is an advanced Telematics Service Provider (TSP) to more than 120 outstanding insurance partners, carmakers and rental companies. Founded in Rome in 2002, Octo’s award winning services have achieved widespread acceptance, recently adding more than 151,000 additional new customers each month and recording, processing and storing more than 72,000 data points every minute. With over 110 Billion data points, Octo maintains the world’s largest insurance telematics statistical database. Through its joint venture with Directed, the largest designer and marketer in North America of consumer-branded vehicle security and remote start systems, Octo brings to insurers extensive experience with infrastructure, device logistics, installation and client care, enabling best-in-class support across the U.S. and Canada.
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