General Insurance Article - Octo Telematics signs agreement with Hastings Direct

 
 The three-year agreement will see Octo provide Smart Miles with a complete end-to-end telematics solution, including a new scoring algorithm. Octo will also provide the ‘black box’ device and manage the installation within the SmartMiles customers’ vehicles.
  In addition, Octo will supply crash and claims data solutions, which can deliver double-digit improvements in terms of claims costs and efficiency. In 2014 Octo worked on a number of projects with insurers that helped to reduce claims management costs by an unprecedented average of 25%. In addition Octo have reduced the time spent by insurers assessing claims by an average of 40%.
 Commenting on the agreement, Ben Tomasetti, telematics director, SmartMiles, said: “Octo has a great track record and presented us with not just a telematics solution, but also great insight into how we can utilise the vast amounts of data that the black-box delivers using its advanced analytical capabilities”. Ben Tomasetti concludes: “As SmartMiles continues to grow, it’s essential that we have a telematics provider onboard like Octo that invests in relationships and can deliver a clear roadmap of innovation and development.”
 Martin Williams, UK managing director, Octo, said: "To date, Octo's success has been built on the capability to understand insurance and insurance intermediary companies' and consumers' needs. This means conceiving, designing and implementing services that are able to: reward good driving behaviour, improve insurers’ claims management process efficiency, reconstruct accident dynamic and accelerate the claims [indemnification] process. Working with SmartMiles is a great endorsement of the work that Octo undertakes for insurers and intermediaries and we look forward to supporting the growth plans for this forward thinking brand.”