UK insurer LV= Broker has signed an agreement with Octo Telematics to adopt the company’s data analytics and telematics services.
Under the agreement, LV= Broker will use Octo’s full suite of products, including sensors, driver behavior scoring and a first notification of loss (FNOL) platform. The technology will enable LV= Broker to price risk more accurately and enhance claims management, while rewarding consumers for driving safely, according to the companies.
“Octo has a proven track record in this area, and we're excited about harnessing its experience to introduce this product to our brokers,” said Scott Greenhill, LV= Broker’s head of personal lines underwriting, in a statement. “We're always looking to provide high levels of service and innovative products to our customers, and telematics is an increasingly important part of our offering.”
Also a part of the deal, Octo will support LV= Broker’s driving app, which provides usage statistics and a list of trips to customers, as well as analytics support for the insurer’s broker channel.
