Octo Telematics has signed an agreement to provide its telematics and data analytics services to LV= Broker, as telematics continues to transform the auto insurance market.
Octo will provide LV= Broker with a full range of telematics services to enable the insurer to price risk more accurately and streamline claims management, as well as reward consumers who are more safety-conscious. Octo’s experience has helped insurers achieve double-digit improvements in Combined Ratio whilst also delivering better value policies to motorists.
Under the agreement, LV= Broker will benefit from Octo’s advanced analytical capabilities. Octo will provide a full telematics ecosystem including sensors, Driver Behavior Scoring, a First Notification Of Loss (FNOL) platform and Stolen Vehicle Recovery (SVR).
Octo has been a catalyst for the increased adoption of telematics in the UK. This adoption will continue to grow with the popularity of the connected car and consumers’ desire to take control of their motoring costs through personalized policies.
As part of the offer for customers, the LV= Broker Driving mobile application will provide motorists with usage statistics and a list of trips. This will help educate motorists and improve driving behavior through rewards. Octo will use the mobile telematics expertise it has developed for digitization in the insurance industry to support the app.
As part of the agreement, Octo’s data will support the LV= Broker Portal, which allows brokers to get instant access to a variety of services that simplify doing business with LV=. Octo will provide the telematics platform and analytics to support the broker channel.