OCTO Telematics, provider of telematics and data analytics for the insurance sector, has partnered with Ford Motor Company to extend its data streaming partnership into Europe.
Founded in 2002, OCTO is a provider of telematic services and advanced data analytics for the insurance sector.
The company has positioned itself as one of the leading companies offering solutions for Fleet Telematics and Smart Mobility. The company is on a mission to leverage its advanced analytics and it’s set of IoT Big Data to generates actionable analytics giving life to a new era of Smart Telematics.
The European UBI market is expected to reach over 24 million policies by 20252 and OCTO said that embedded/line-fit solutions will be a key driver facilitating the uptake and expansion of this growth trend, representing 10% of all UBI policies, and will enable new mobility as a service solutions.
The agreement with Ford builds on the initial agreement signed in the North American market in July last year. By leveraging Ford’s connected vehicle data, OCTO said it will enhance its market proven telematics services in insurance and analytical services in the UK, Italy, Germany, France and Spain.
According to OCTO, the agreement will integrate Ford’s data with its existing data sources, strengthening the company’s position in Europe.
Nicola Veratelli, OCTO Group CEO, said, “We are pleased to extend the Ford relationship into the EU market to leverage their connected vehicle technology to enhance insurance risk scoring for insurers and their customers as well as new mobility as a service application for the market…and we look forward to exploring opportunities for incremental mobility services that benefit OCTO clients and Ford vehicle owners alike.”
Mark Harvey, director, enterprise connectivity, Ford of Europe, added, “We are delighted to expand our relationship with OCTO in Europe. Their technology will enable our customers to benefit from the most accurate, value for money insurance policies in the market.”
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