Telematics firm Octo says the partnership will enable LV= to price risks more accurately
Telematics firm Octo has signed a deal with insurer LV= to provide telematics and data analytics services to LV= Broker.
The telematics services will enable the insurer to price risk more accurately and streamline claims management, as well as reward consumers who are more safety-conscious.
Customers will be able to use the LV= Broker driving mobile app which will provide them with usage statistics and a list of trips.
Octo said it would help to help educate motorists and improve driving behaviour through rewards.
Octo’s data will also support the LV= Broker Portal.
Octo Telematics chief executive Fabio Sbianchi said: “We are delighted to enter into this agreement with LV= Broker, a forward thinking and dynamic business like our own.
“UK motorists face increased insurance costs through both premiums and tax increases and telematics offers an efficient way for both the insurer and the motorist to make savings.”
LV= Broker head of personal lines underwriting Scott Greenhill added: “Octo has a proven track record in this area, and we’re excited about harnessing their experience to introduce this product to our brokers.
“At LV= Broker, we’re always looking to provide high levels of service and innovative products to our customers, and telematics is an increasingly important part of our offering. In addition, the technology provides benefits throughout the value chain, supporting our commitment to providing the most efficient solution.”