Once downloaded, Octo U uses GPS to build a driver risk profile based on factors including acceleration, braking and cornering, and continues to update this profile as the app is used. If a high enough score is achieved, motorists can opt for a personalised discounted motor insurance quote from insurance partners based on their driving behaviour.
The announcement applies Octo’s 13 years of telematics experience to give motorists ownership of their driving profile, and greater transparency and fairness for insurance companies and their customers. Already the world’s leading supplier of telematics services and the largest database of driving behaviour information, Octo provides over 3.7 million drivers and riders and 150 insurance partners with products and services to help provide more personalised (and generally cheaper) policies.
The new app is available as a free download now from the Apple App Store for iPhone and from the Google Play and Amazon Kindle stores for Android devices, and will be available worldwide. In the future, Octo also plans to add non-insurance based products and services that are focused around reducing the cost of motoring, rewarding customers with incentives that are specific to the trips they take and providing for enhanced social sharing and engagement.
Fabio Sbianchi, CEO, Octo Telematics says:
”Octo U creates positive disruption in the insurance market. We are taking a proactive role in bringing qualified consumers to our insurance partners. By downloading the app, motorists are buying into the concept of telematics at an entry-level. This doesn’t replace black box technology, but opens the door for insurers to introduce a wider range of policies and services based on a clearer picture of the type of driver they are.”
The app was launched at this weekend’s Octo British MotoGP™ at Silverstone, where Octo was the event’s title sponsor. It is also supported by a road safety charity Brake, which campaigns for better driver behaviour.
Dr Tom Fisher, senior research and communications officer, Brake:
“Changing driver behaviour is crucial in reducing collisions and helping all road users to make safer choices at the wheel; in-vehicle technology is an invaluable tool in informing and improving driver behaviour.
“Telematics can play an important role in alerting road users to their own risky and potentially dangerous behaviours such as speeding and harsh braking, which is why we are excited about the launch of Octo U.”
Octo U is available to download on Google Play, Apple app store and Amazon Kindle store from 28th August.
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