Octo Telematics has announced the launch of its Octo Link Program, a cross-industry network designed for the sharing of driver telematics data with insurers.
Through the program, Octo looks to establish greater transparency between insurance providers and customers by granting carriers access to more than 4.6 million users’ driving behavior information. Octo will also automatically update driving data from Octo U—the startup’s telematics mobile app—instead of relying on manual input, which current aggregators depend on, the company said.
“Using our Link Program means that, not only can insurers take advantage of a built-in telematics user base to diversify their portfolios, they can also accelerate their plans to ‘go digital’,” said Mauro Cantoni, vice president of Octo Telematics SpA, in a statement.
Founded in 2002, Octo has worked with the likes of AXA insurance, among others, to offer participants up to 10% discounts on policies in recent years.
As it stands, the Italian company is in the prelaunch phase of its Octo Link Program and is working with five insurers in the UK, Germany and Brazil. The identities of the companies have not been disclosed.
“It’s important to us to support market growth by giving both large and small insurers a new digital way to approach customers, whether they manage it themselves or through us,” Cantoni said. “The emphasis of The Link Program is very much on using our technology and the investment we have made in our consumer base to provide value for the insurers.”
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