Private car insurer LV= Broker has signed a deal with Octo Telematics to obtain telematics and data analysis services from the global tech firm.
With its advanced analytical capabilities, Octo will deliver a full range of telematics services to LV= Broker to enable the insurer to price risk more accurately and streamline claims management.
The insurance firm will be provided with a full telematics ecosystem including sensors, Driver Behavior Scoring, a First Notification Of Loss (FNOL) platform and Stolen Vehicle Recovery (SVR).
Scott Greenhill, LV= Broker head of personal lines underwriting, said that telematics is an “increasingly important part” of the company’s offering.
“The technology provides benefits throughout the value chain, supporting our commitment to providing the most efficient solution,” Greenhill said.
“Octo has a proven track record in this area, and we’re excited about harnessing their experience to introduce this product to our brokers,” he also said.
As part of the agreement, Octo’s data will support the LV= Broker Portal, which gives brokers instant access to various services that simplify doing business with the insurer. Octo will provide the telematics platform and analytics to support the broker channel.
Octo will also use the mobile telematics expertise it has developed for digitization in the insurance industry to support the LV= Broker Driving mobile application. The app provides motorists with usage statistics and a list of trips, helping them improve their driving behaviour through rewards.
“UK motorists face increased insurance costs through both premiums and tax increases and telematics offers an efficient way for both the insurer and the motorist to make savings,” said Octo Telematics CEO Fabio Sbianchi.
He believes that the adoption of telematics in the UK will continue to increase along with the growing popularity of connected cars and consumers’ desire to take control of their motoring costs through personalized policies.
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