Octo Telematics

Octo Telematics commonly known as Octo, is a privately held company that specializes in Big Data analytics and machine learning based systems, driven by connected vehicles. Founded in 2002 by Fabio Sbianchi[1], Octo provides telematics to the insurance industry[2] for the risk profiling of policy holders. For auto insurance, this is commonly known as Usage-based insurance (UBI) or pay-as-you-drive. With their advanced analytical services, Octo also serves the fleet management industry and provides IoT driven end-to-end solutions[buzzword] to other markets.

Octo Telematics
Private
IndustryInsurance Telematics, Fleet Telemarics, Smart Mobility
Founded2002
Headquarters,
Number of locations
London, Rome, Boston, Madrid, Stuttgart, Sao Paulo, Shanghai
Key people
Nicola Veratelli (CEO)
Nunzio Calì (CTO) Edwin Colella (CMO)
Websiteoctotelematics.com

The company is headquartered in Rome, with offices in Boston, London, Madrid, Stuttgart, Sao Paulo and Shanghai.[3] Globally, Octo has more than 6 million connected users[4] that is said to generate 228 billion miles of driving data and 456,000 crashes and insurance related events. Within the shared mobility market, Octo serves 10 car sharing operators in 14 cities around the world. The total number of cars and scooters operated is 200,000 accessed by 900,000 registered users. This equates to 400,000 hires per month.

HistoryEdit

Octo was established in Italy 2002 and entered the UK and US markets in 2011.

In 2016, Octo acquired the Mobility Solutions business of Tecnologienelle Retienei Sistemi T.R.S. S.p.A (TRS). [5]

In 2018, Octo invested in UK based company, Nebula Systems. [6]

Octo with its wholly owned subsidiary Omoove, entered a technical partnership with electric bike manufacturer Energica in 2019.[7]

ProductsEdit

Octo develops proprietary solutions[buzzword] that operate on a wide range of devices, vehicles and consumer segments. These solutions[buzzword] are then integrated with their partners' IT systems and business processes.

Octo’s database is enriched due to the data collected by connected users. Drivers automatically provide data relating to the car[8], their driving behavior, localization, context, possible accidents[9], along with other complex data. This is stored and analyzed based on a combination of thousands of parameters. End-to-end solutions[buzzword] are developed for insurance companies, fleet managers, car manufacturers and shared mobility operators.

SponsorshipEdit

  • At the Mugello GP in 2015, Octo Telematics became the title sponsor of Pramac Racing, renaming the number two Ducati team to Octo Pramac Racing.[10]
  • Octo telematics became title sponsor on the British round of the MotoGP in 2015.[11]
  • 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.[12]

ReferencesEdit

  1. ^ "About | OctoTelematics". octotelematics.com. Retrieved 2016-12-08.
  2. ^ "Deal Book: Octo Telematics, Whose Technology Monitors Driving, Prepares I.P.O." nytimes.com. Retrieved 2016-12-08.
  3. ^ "Home | OctoTelematics". octotelematics.com. Retrieved 2016-12-08.
  4. ^ "Octo Telematics partners with SAS to enhance analytical capabilities across its insurance IoT platform". SAS. 31 May 2019.
  5. ^ "Octo Telematics acquires TRS for € 7 million". Telematics Wire. 16 Dec 2016. Retrieved 13 September 2019.
  6. ^ "Octo Telematics invest in Nebula Systems". Prima Pagina News.
  7. ^ "On the Move Together". Business Wire. 18 Apr 2019. Retrieved 13 September 2019.
  8. ^ "Insurers test the limits of telematics' big data". ft.com. Retrieved 2016-12-08.
  9. ^ "Crash test: The tech driving down car insurance fraud - BBC News". bbc.co.uk. Retrieved 2016-12-08.
  10. ^ "Ducati - Racing - Octo Pramac Racing MotoGP". ducati.com. Retrieved 2016-12-08.
  11. ^ Dorna Sports. "Octo Telematics: New Title Sponsor for British MotoGP™ round". motogp.com. Retrieved 2016-12-08.
  12. ^ "Pramac MotoE announces Octo as title sponsor for the first fascinating 2019 MotoE season". Pramac Racing.