Frost & Sullivan Growth Leadership Award Presented to Octo Telematics S.p.A.By Frost Sullivan, PRNE
Sunday, September 12, 2010
LONDON, September 13, 2010 - The 2010 Frost & Sullivan Europe Growth Leadership Award in Telematics
enabled Usage Based Insurance (UBI) is presented to Octo Telematics S.p.A.
(Logo: photos.prnewswire.com/prnh/20081117/FSLOGO) (Logo: www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)
"The company's ability to offer unique UBI based on various algorithms
and to balance diverse regional markets by strategically positioning its
services has enabled it to remain a market leader for almost three years,"
notes Frost & Sullivan Research Analyst Mohammed Mubarak. "Octo's extensive
telematics production line and ability to cater to unique regional needs
within the insurance industry are commendable."
Octo uses different algorithms for premium calculations based on regional
requirements. For instance, in France, it calculates UBI purely on the
mileage details of the customer, without considering location details.
One of Octo's key success factors is its diverse portfolio of
stakeholders and telematics services - ranging from UBI, emergency services,
traffic management, stolen vehicle tracking, road charging and vehicle
diagnostics. This wide-ranging services portfolio has helped Octo to design
UBI solutions optimally suited to customer requirements.
"Octo is able to offer an end-to-end UBI solution by leveraging its
partnerships with various companies in the value chain," remarks Mubarak.
"Rather than the insurance company interacting and managing different
suppliers for UBI, Octo does the programme management and acts as a single
point of contact for insurance companies, thereby reducing operational
overheads and costs."
Octo is the official provider of UBI to over 50 insurance companies.
Since 2005, it has gained over 1 million subscribers spread across all its
product lines offering UBI services in Italy, France, Spain, Austria, Belgium
and the United Kingdom.
The company conducts pilot projects and works on mobile services
applications with insurance and automotive companies in Europe as well as
North and South America. Octo was the first company to be certified this year
as 'Infrastructure Provider' in Brazil under a new law requiring that
telematics devices be installed in all new vehicles sold.
Octo has successfully changed the entire existing UBI business model
which has been based on selling expensive telematics hardware to end
customers. Instead, it leases the hardware and the UBI solution to insurance
companies at a very nominal charge for an average of 3 years.
"This model reduces the burden on the policy holders and offers a better
return on invest for the insurance companies," explains Mubarak. "The success
of this model is evident from the 40 per cent year-over-year increase in
activations witnessed in the market."
Octo has had long standing partnerships with leading insurance companies,
vehicle manufacturers, public bodies and other companies in Europe. It works
with various government entities and public bodies on pilot projects
involving telematics-based mobility.
For instance, it is engaged in the 'Industria 2015' project in Italy
whose goal is to develop telematics applications for vehicle insurance and
manage a wide fleet of vehicles equipped with telematics systems. Octo
Telematics is part of 'TeleFOT - Field Operational Tests of Aftermarket and
Nomadic Devices in Vehicles. This European project aims at evaluating the
functionality of portable devices for use on board and the impact of nomadic
technologies on drivers' behaviour.
"Similarly, Octo offers telematics hardware and services like security
services (stolen vehicle tracking), road assistance, remote diagnostics and
vehicle management to various vehicle manufacturers like Fiat, Alfa Romeo,
Lancia, BMW, Audi, Volkswagen, Opel, Saab, Toyota and Lexus," concludes
Mubarak. "Such alliances and partnerships have underlined Octo's ability to
deliver a wide portfolio of telematics services to the European market."
The Frost & Sullivan Award for Growth Leadership is presented to the
company that has demonstrated excellence in capturing the highest annual
compound growth rate for the last 3 years.
Frost & Sullivan Best Practices Awards recognise companies in a variety
of regional and global markets for demonstrating outstanding achievement and
superior performance in areas such as leadership, technological innovation,
customer service, and strategic product development. Industry analysts
compare market participants and measure performance through in-depth
interviews, analysis, and extensive secondary research in order to identify
best practices in the industry.
Octo Telematics specializes in the provision of telematics services and
systems for the insurance and automotive market. Founded in Rome in 2002,
Octo Telematics has over one million active clients and more than 1.2 million
total subscribers, with subsidiaries and partners in Europe, USA, South
America, and Asia. Bearing the largest telematics fleet in Europe for the
number of clients and a database of the most complete figures and statistics
globally, Octo Telematics represents a best practices scenario within the
panorama of infomobility and vehicle telematics.
About Frost & Sullivan
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Octo Telematics Contact: Octo Telematics S.p.A. Via Lamaro, 51 00173 Rome, Italy att. Rob Martin, firstname.lastname@example.org
Frost & Sullivan Contact:
Ciara Jamie Connolly, Senior Events & Promotions Executive/ EMEA, Best
Practices, Frost & Sullivan, email@example.com, P:
+44-(0)-207-915-7868, F: +44-(0)-207-730-3343, www.frost.com
Rob Martin of Octo Telematics S.p.A., rob.martin at octotelematics.com; or Ciara Jamie Connolly, Senior Events & Promotions Executive/ EMEA, Best Practices of Frost & Sullivan, +44-(0)-207-915-7868, fax, +44-(0)-207-730-3343, ciara.connolly at frost.com
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