Octo Telematics, a telematics provider for insurance companies and car makers, has added four insurers to its free smartphone driving app Octo U through iGO4 Partners. The app offers users the opportunity to compare the best of competitive quotes to reward good driving and enables insurers to provide up to 10% discounted insurance quotations to customers with a qualifying driver score.
Octo U uses telematics technology to monitor and score driver behaviour, measuring speed, braking intensity and acceleration. Drivers who obtain of score of 7.5 and above can apply to a panel of insurers for a quote discount of up to 10%
The insurer panel of four includes AXA Insurance and LV, with others to be added in coming months.
Fabio Sbianchi, CEO of Octo Telematics said of the initiative that:
“We are putting control back into the hands of drivers. We hope that by better understanding what makes a good driver and with the incentive of a reduced insurance quote, users of Octo U will be safer on the roads.”
Matt Munro, CEO of iGO4 added that:
“iGO4 offers Octo U users access to a leading panel of insurers who will offer competitive rates by rewarding safer drivers. It’s important to see the financial benefits of good driving and Octo U offers an innovative way to do that in partnership with our company.”
Octo U uses GPS and accelerometer technology to gather journey information and rank each trip based on driving behaviour. The app also takes into account elements such as road conditions, time of day, and type of road, distance, length of journey, cornering and traffic. Whatever their score, the app sends drivers tips on how to improve.
Octo Telematics believes that the benefits of its app include:
- Auto stop and start function requires no driver interaction and makes it easy to record trips
- Accurate insights into driving behaviour
- Practical hints and tips on how to improve
- Discounted insurance premiums for good drivers
- Benefits of telematics in a smartphone format
Since launching in August 2015, Octo U has had over 136,000 downloads.
Octo U is available as a free download for iPhones and Android devices on Google Play, Apple app store and Amazon Kindle store.
About Octo Telematics
Octo is a global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, Octo invented the insurance telematics industry. Today, Octo is the largest insurance telematics company in the world, transforming auto insurance through behavioral, contextual and driving analytics for more than 60 insurance partners. Octo has more than 4 million connected users and the largest global database of telematics data. The company is headquartered in London, with offices in Boston, Rome, Stuttgart, Madrid, and San Paolo.