Octo Telematics has broken its connected vehicles record by announcing their three-millionth customer.
Whilst Italy still provided most of the company’s customers, the UK is experiencing some of the fastest growth in policy numbers, as recently highlighted by the extended partnership with ‘Insure The Box’ in the UK.
One of the key motivator’s for the increase in the popularity of telematics is that insurers are recognising the benefits that the technology delivers, beyond more accurate pricing, to include tackling fraud. In the UK alone, estimates suggest that 380 fraudulent claims are made to insurance companies daily, adding around £50 to all drivers’ premiums.
Jonathan Hewett, CMO 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 FNOL (First Notification of Loss) and claims management services”.
Octo Telematics also attribute the growth in their customer base to a wider sense of engagement in telematics technology by consumers who no longer see it as a ‘niche’ solution.
“Consumers will continue to drive telematics into the mainstream,” he said. 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,” Jonathan Hewett concludes.