Octo Telematics (Octo) has completed its acquisition of the usage-based insurance (UBI) assets of Willis Towers Watson announced on 11th October, 2017. This acquisition includes Willis Towers Watson’s market-leading DriveAbility solution and the DriveAbility Marketplace.
Octo will form a strategic alliance with Willis Towers Watson, focusing on advancing UBI data analytics through algorithms and tools to provide actionable insights to the insurance industry. The alliance will be led by Octo, under the guidance of an advisory board.
DriveAbility aggregates and analyses granular telematics and insurance data to provide an industry-leading driving score and to assist insurers to design, score, issue and bind telematics-based insurance policies. The solution will fit into Octo’s insurtech ecosystem, the Next Generation Platform (NGP). The NGP was developed with support from Salesforce, Software AG, SAS and SAP, as well as consulting firms Deloitte and Capgemini. It is fully-IoT connected and takes data from a wide range of sensors to deliver its best-in-breed analytics and provide innovators with the scope and ability to meet the rapidly growing demand for UBI.
Ptolemus predicts that UBI policies will reach nearly 100 million worldwide by 2020. This also comes at a time when more cars are connected than ever before—Octo alone has reached 5.3 million cars connected to its platform and PWC has predicted sales of connected car products will increase almost four times between 2015 and 2020, adding more than US$149 billion in revenues in the passenger car segment alone.