OCTO Telematics has partnered with Ford Motor Company to extend its data streaming partnership into Europe to bolster its insurance offering.
Founded in 2002, OCTO provides telematic services and advanced data analytics for the insurance sector, offering solutions for fleet telematics.
Through this agreement, OCTO will integrate Ford’s data with its existing data sources, strengthening its position in Europe, which powers 43.5% of European Usage Based Insurance (UBI) policies.
CTO’s expertise in UBI service design and implementation will provide an “off-the-shelf” ready-to-play service option, that will further integrate the digitalisation of insurance, via the native connectivity of Ford’s vehicles.
According to OCTO, the European UBI market is expected to reach over 24 million policies by 20252 and 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.
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.”
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