Octo Telematics, a global provider of telematics and data analytics solutions for the auto insurance industry, announced that it continues to expand its footprint throughout the Mexico market and has partnered with Qualitas, Mexico’s largest auto insurer with operations throughout Mexico, Latin America and the US.
Qualitas, with over four million insured vehicles, will work with Octo to develop the telematics market in Mexico by leveraging Octo’s driving behavior analytics in the commercial lines space.
Octo continues to lead the burgeoning global usage-based insurance (UBI) market, which Ptolemus recently reported had grown by 40 percent in a year, to 21.6 million active policies by the end of June 2018. Octo’s leading market share of active UBI policies, combined with its proven ability to provide both data and actionable insights to the insurance industry, will enable Qualitas to continue its insurance leadership position.
Octo will supply Qualitas with fleet telematics as it expands its commercial offerings throughout Mexico with a new program, available to its customers in early 2019. The program will include risk management and asset utilization by leveraging driver behavior data and Qualitas’ commercial fleet customers will be able to track vehicles at all times, better serve customers with accurate and intelligent logistics, improve driver safety and prevent accidents.
“As the largest auto insurer in Mexico, Qualitas was a natural fit for us as a partner, as we continue to lead the growth of UBI and telematics in the country,” said Geoff Werner, America’s Country Manager at Octo Telematics. “Octo’s years of gathering, managing and delivering data, understanding the insurer to insured relationship in different countries – and how to expand an insurer’s value proposition – means that we can quickly integrate and roll out a program for them that fits their needs. We’re excited to see how it expands their value proposition to policy holders.”
Markets and Markets reports that the Internet of Things (IoT) and telematics have led to a wave of connectivity, and that they collectively are driving profound change in the global automobile industry, including a growing opportunity in the sector for automotive connected insurance ecosystem players.Qualitas recognized this and wanted a partner that understands the industry and its challenges, as well as offering a wide range of capabilities including scoring, analytics, and advanced crash detection and crash services.
“The ability to allow our commercial auto customers to better care for their employees and fleets is an exciting proposition that fits with our mission to offer them more advantages – including guaranteed quality and efficiency,” said Margarito Villas, Director of Risk Prevention at Qualitas. “Octo’s renowned, global leadership in gathering and analyzing telematics data to improve insurer operations, profit and value proposition was very attractive to us. With Octo, we will continue to improve customer loyalty, trust and retention. Octo was the obvious choice for our needs and we are confident that our customers will swiftly adopt this program and see additional value in us as their insurer.”
In the “2019 CIO Agenda: Insurance Industry Insights,” a recently published Gartner research paper, analysts indicated that data and analytics continues to be the most commonly mentioned game-changing technology among insurance CIOs. Octo Telematics data will allow Qualitas to improve efficiency and productivity of its customers’ fleets: reducing fuel consumption, limiting unauthorized asset utilization and improving driver safety. The Octo fleet management console provides vehicle and driver behavior data at the individual, fleet segment or holistic fleet level. The management console will allow fleet managers to locate vehicles, monitor performance and support drivers in real time with location, usage and vehicle health data.
“The insurtech industry’s digital footprint is becoming wider and we consider ourselves a market leader in this innovative push,” said Pilar Moreno, Technical Director, Qualitas. “Working with market-leading partners such as Octo Telematics ensures that we have the best technology to support our customers as the Internet of Things, data and analytics continue to be game changers for our customers. We are confident in working with Octo, given their storied history in these areas.”
Source: Company Press Release