Octo Telematics

Octo Group S.p.A., operating as Octo Telematics and corporately styled as OCTO, is an Italian multinational technology company. Founded in Italy in 2002, OCTO is most known for providing telematics and Internet of things (IoT) analytics to the auto insurance industry. This is commonly known as Usage-based insurance (UBI) or pay-as-you-drive insurance.[1] Today, the company is one of the largest telematics and data analytics service provider for the car insurance industry.[2] With their advanced analytical services, OCTO also serves the fleet management industry and provides IoT driven solutions[buzzword] to a number of other markets.

Octo Group S.p.A.
TypePrivate
IndustryConnected Insurance, Fleet Telematics, Smart Mobility, Smart Cities
Founded2002
FoundersFabio Sbianchi
Giuseppe Zuco
Headquarters,
Number of locations
Rome, London, Boston, Madrid, Sao Paulo
Area served
Global
Key people
Nicola Veratelli (CEO)
Nunzio Calì (CTO)
Edwin Colella (CMO)
Laura Brambilla (CFO)
ProductsTelematics, IoT, Data Analytics, Cloud Computing

The company is headquartered in Rome, with offices in Boston, London, Madrid, Stuttgart, Sao Paulo and Shanghai.[3] OCTO's big data set is enriched by data collected by connected users around the world. Drivers automatically provide data relating to the car,[4] their driving behavior, localization, context, possible accidents,[5] along with other complex data. This is stored and analyzed based on a combination of thousands of parameters.

Solutions[buzzword] are developed for insurance companies, fleet managers, car manufacturers and shared mobility operators. Governments and cities are also part of the growing customer base.[6]

Globally, OCTO has more than 6 million connected users[7][8][9] that is said to generate 267 billion miles[10] of driving data and 473,000 crashes and insurance related events.[11] Within the shared mobility market, OCTO serves more than 10 car sharing services[12] with more than 400,000 rentals per month.[13]

HistoryEdit

  • OCTO was established in Italy 2002 and entered the UK and US markets in 2011, followed by Canada in 2014.
  • The Renova Group, acquired Octo in April 2014, before selling equity to private equity group Pamplona Capital Management in September of that year.[14]
  • In December 2016, OCTO acquired the Mobility Solutions business of Tecnologienelle Retienei Sistemi T.R.S. S.p.A.[15]
  • OCTO forms a strategic alliance with Willis Towers Watson in October 2017, and acquired their UBI assets, including DriveAbility and DriveAbility Marketplace.[16][17]
  • In August 2018, OCTO invested in UK based company, Nebula Systems.[18] More recently at the end of 2019, OCTO acquired the entire share capital of Nebula Systems Ltd.[19]
  • OCTO entered a technical partnership with electric bike manufacturer Energica in September 2019.[20]

Products and servicesEdit

OCTO develops products and services that operate with a wide range of devices (including smartphones, Black-Boxes and OBD), vehicles (including, cars, trucks, motorbikes and bicycles[21]) and consumer segments. These solutions[buzzword] are then integrated with their partners' IT systems and business processes. The technology and platform used is modular and offered as a complete or part solution.[buzzword][22]

A partnership between OCTO and Telecom Italia (TIM) to develop data-driven solutions[buzzword] for vehicles not yet connected to the mobile network was formed in December 2019. The first product launched from the partnership was the TIM BabyPad, a device to detect whether a child is in their car seat and make sure they are not left unattended.[23]

In May 2020, OCTO launched two new IoT products in response to the COVID-19 pandemic. Both designed to support the recovery back to normal life, OCTO AroundMe is a Bluetooth solution[buzzword] for distancing and OCTO PurePlace is a sanitation solution based on nanotechnology developed by NASA.[24][25]

Insurance TelematicsEdit

Risk Management, Claims Management, Anti-Theft, eCall/bCall, Assistance Control Room

Smart MobilityEdit

Fleet Telematics, Vehicle Sharing, Corporate Vehicle Sharing, Vehicle Renting, Carpooling, Ride Hailing

Smart AnalyticsEdit

Analytics as a Service, Geographic Vehicle Flows, Engine Data Reporting, Vehicle Utilization Data, Data Driven Score

Digital JourneyEdit

Mobile App, Software Development Kit (SDK), Application Programming Interface (API), Widget toolkit

TrademarksEdit

  • DriveAbility is based on actuarial science, it offers market-leading[26] scoring through a combination of different behavioral and environmental elements with the goal of reducing risk.
  • Mobility Atlas is the result of vehicle flow analysis, for both incoming and outgoing traffic, within a specific geographic area. It considers cars as mobility sensors and is designed to supporting planning and operational activities conducted by cities, government authorities, utilities and mobility operators.

SponsorshipEdit

  • At the Mugello GP in 2015, OCTO became the title sponsor of Pramac Racing, renaming the number two Ducati team to OCTO Pramac Racing.[27]
  • OCTO telematics became title sponsor on the British round of the MotoGP in 2015.[28]
  • In 2018 and 2019 OCTO was title sponsor of the San Marino MotoGP.
  • In 2019, the launch year of the full electric bike racing championship MotoE, OCTO was the title sponsor of the MotoE Pramac Racing Team.[29]
  • OCTO was the 2019 title sponsor of the OCTO Bridgestone Cup “Di.Di.”, the disabled motorbike championship.[30]

ReferencesEdit

  1. ^ "Deal Book: Octo Telematics, Whose Technology Monitors Driving, Prepares I.P.O." nytimes.com. Retrieved 2016-12-08.
  2. ^ "Nicola Veratelli, Octo: "We need to enable a better life for connected people"". Global Fleet. 18 May 2020. Retrieved 2020-06-04.
  3. ^ "Home | OctoTelematics". octotelematics.com. Retrieved 2016-12-08.
  4. ^ "Insurers test the limits of telematics' big data". ft.com. Retrieved 2016-12-08.
  5. ^ "Crash test: The tech driving down car insurance fraud - BBC News". bbc.co.uk. Retrieved 2016-12-08.
  6. ^ "Nicola Veratelli, Octo: "We need to enable a better life for connected people"". Global Fleet. 18 May 2020. Retrieved 2020-06-04.
  7. ^ "Octo Telematics partners with SAS to enhance analytical capabilities across its insurance IoT platform". SAS. 31 May 2019.
  8. ^ "Nicola Veratelli, Octo: "We need to enable a better life for connected people"". Global Fleet. 18 May 2020. Retrieved 2020-06-04.
  9. ^ "OCTO per la "Nuova Normalità"". ANSA.
  10. ^ "OCTO per la "Nuova Normalità"". ANSA.
  11. ^ "OCTO per la "Nuova Normalità"". ANSA.
  12. ^ "OCTO Acquires Nebula Systems, Reinforces Its Leadership in Intelligent Vehicle Diagnostics". Business Financial Post.
  13. ^ "OCTO per la "Nuova Normalità"". ANSA.
  14. ^ "Octo Telematics, Whose Technology Monitors Driving, Prepares I.P.O." The New York Times. 26 Jan 2016.
  15. ^ "Octo Telematics acquires TRS for € 7 million". Telematics Wire. 16 Dec 2016.
  16. ^ "Octo Telematics to Acquire Willis Towers Watson's UBI Assets". IIR. 13 Oct 2017.
  17. ^ "OOcto Telematics to acquire UBI assets of Willis Towers Watson". International Fleet World.
  18. ^ "Octo Telematics invest in Nebula Systems". Prima Pagina News.
  19. ^ "OCTO Acquires Nebula Systems, Reinforces Its Leadership in Intelligent Vehicle Diagnostics". Business Financial Post.
  20. ^ "On the Move Together". Business Wire. 18 Apr 2019. Retrieved 13 September 2019.
  21. ^ "Nicola Veratelli, Octo: "We need to enable a better life for connected people"". Global Fleet. 18 May 2020. Retrieved 2020-06-04.
  22. ^ "Nicola Veratelli, Octo: "We need to enable a better life for connected people"". Global Fleet. 18 May 2020. Retrieved 2020-06-04.
  23. ^ "TIM, OCTO Telematics Team Up to Develop Data-driven Solutions for Vehicles". The Fast Mode. 20 Dec 2019. Retrieved 2020-06-04.
  24. ^ "OCTO launches distancing and sanitation solutions for the 'New Normal'". Fleet Europe. 22 May 2020. Retrieved 2020-06-04.
  25. ^ "Coronavirus, OCTO Telematics affianca aziende e privati anche nella Fase 2". 20 May 2020. Retrieved 2020-06-04.
  26. ^ "OCTO Telematics powers Techpilot project for ICBC". CoverageR. 19 Feb 2020.
  27. ^ "Ducati - Racing - OCTO Pramac Racing MotoGP". ducati.com. Retrieved 2016-12-08.
  28. ^ Dorna Sports. "Octo Telematics: New Title Sponsor for British MotoGP™ round". motogp.com. Retrieved 2016-12-08.
  29. ^ "Pramac MotoE announces Octo as title sponsor for the first fascinating 2019 MotoE season". Pramac Racing.
  30. ^ "Octo Bridgestone Cup 2019". Paralympic Riders.