New agreement with LV= Broker, as demand for telematics grows
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 has been a catalyst for the increased adoption of telematics in the
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.
About Octo Telematics
Octo is the number 1 global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, Octo is one of the pioneers of the insurance telematics industry. Today, Octo is the largest and most experienced insurance telematics company in the world, transforming auto insurance through behavioral, contextual and driving analytics for more than 60 insurance partners. Octo has more than 4.6 million connected users and the largest global database of telematics data, with over 136 billion miles of driving data collected and 358,000 crashes and insurance events analyzed (as of
LV= Broker is part of the LV= group of companies, and incorporates
LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.
When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including
Authorised by the
Source: Octo Telematics