Insurers are recognising the benefits of technology, beyond more accurate pricing, to include tackling fraud – Octo

Octo Telematics has broken the three million connected vehicles customer barrier. 

Most of the company’s customers are in Italy, but the company said it was experiencing its fastest growth in policy numbers in the UK – boosted by its extended partnership with Insure The Box.

Octo chief marketing office Jonathan Hewett said insurers were recognising the benefits that technology delivered, beyond more accurate pricing, to include tackling fraud. 

He added that consumers were no longer seeing telematics as a niche solution and were engaging more in the technology.

Hewett said: “Insurers are very comfortable with the idea that telematics can help them rate policies more accurately, but increasingly they are starting to really see the benefits of proactive first notification of loss and claims management services.

“Consumers will continue to drive telematics into the mainstream. There is a huge global phenomenon around the quantified self, self-tracking and wearable devices. Consumers are beginning to understand the information they can collect on themselves allows them to trade that for a better deal or service.”