Octo Telematics, a provider of telematics and data analytics solutions for the auto insurance industry, announced it was selected as the telematics provider of choice for CAA Insurance Company’s new CAA MyPace™, a pay-as-you-go (PAYG) insurance program offering Ontario’s CAA policyholders a way to pay for, reduce and manage auto insurance premiums if they drive less than 9,000 kilometers per year.
Adopting new policy options such as PAYG demonstrate that insurers are keeping up with these evolutions and are able to serve policyholders with unique and value-added solutions at each stage of their driving journey.
Octo’s Insurance platform claims to provide innovators with the scope and ability to meet the rapidly growing global demand for User-Based Insurance (UBI) that is predicted to reach 93m global policies by 2020.
The company provided a customized solution and flexible mix-and-match service selection for CAA to build a new customer experience for policyholders. It’s Surround product powers the program, providing CAA with the ability to provide the customer with vehicle health information and deliver additional value-added policyholder services. The app allows motorists to track how much they are driving and to pay for auto insurance based on that mileage.