Octo will provide LV= Broker with a full range of telematics services to enable the insurer to price risk more accurately and streamline claims management, as well as reward consumers who are more safety-conscious. Octo’s experience has helped insurers achieve double-digit improvements in Combined Ratio whilst also delivering better value policies to motorists
Under the agreement, LV= Broker will benefit from Octo’s advanced analytical capabilities. Octo will provide a full telematics ecosystem including sensors, Driver Behavior Scoring, a First Notification Of Loss (FNOL) platform and Stolen Vehicle Recovery (SVR).
Fabio Sbianchi, CEO, Octo Telematics, said: “We are delighted to enter into this agreement with LV= Broker, a forward thinking and dynamic business like our own. UK motorists face increased insurance costs through both premiums and tax increases and telematics offers an efficient way for both the insurer and the motorist to make savings.
Octo has been a catalyst for the increased adoption of telematics in the UK. This adoption will continue to grow with the popularity of the connected car and consumers’ desire to take control of their motoring costs through personalized policies.”
Scott Greenhill, LV= Broker Head of Personal Lines Underwriting, said: “Octo has a proven track record in this area, and we're excited about harnessing their experience to introduce this product to our brokers. At LV= Broker, 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. In addition, the technology provides benefits throughout the value chain, supporting our commitment to providing the most efficient solution.”
As part of the offer for customers, the LV= Broker Driving mobile application will provide motorists with usage statistics and a list of trips. This will help educate motorists and improve driving behavior through rewards. Octo will use the mobile telematics expertise it has developed for digitization in the insurance industry to support the app.
As part of the agreement, Octo’s data will support the LV= Broker Portal, which allows brokers to get instant access to a variety of services that simplify doing business with LV=. Octo will provide the telematics platform and analytics to support the broker channel.
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