Octo Telematics will acquire the usage-based insurance (UBI) assts of Willis Towers Watson to drive further growth in the insurance sector.
The acquisition will include Willis Towers Watson's DriveAbility solution and the DriveAbility Marketplace.
Key personel will also join the Octo team, including global telematics leader Geoff Werner, who has led the development and growth of DriveAbility through its lifecycle.
Following the transaction, Octo will develop a strategic alliance with Willis Towers Watson on additional auto telematics opportunities to enhance both companies' suites of products and services.
The partnership will focus on further development of algorithms and other analytical tools to provide actionable intelligence based on accurate analysis of data.
Fabio Sbianchi, CEO of Octo Telematics, said: “Insurance telematics is evolving far beyond the simple black box hardware.
"With ever-increasing data volumes being measured and recorded, the tools being used to analyse it and provide accurate driving behaviour information to insurers must develop at a similar pace.
"It makes sense to join forces with Willis Towers Watson to pool resources and lead on further developing telematics propositions.
"Together, we can extend our geographical reach and leverage our respective established networks to maintain a leading position in enabling consumers and insurers to gain the maximum benefit from accurate telematics data.”
DriveAbility aggregates and analyses granular telematics and insurance data to provide an industry-leading driving score and assist insurers to design, score, issue and bind telematics-based insurance policies.
It also facilitates relationships between motor OEMs, telecoms, etc. and insurers to present convenient, personalised insurance offers to customers using pre-analysed driving data.