OCTO Telematics, today announced it has been selected as the exclusive telematics provider for the Insurance Corporation of British Columbia’s (ICBC) one-year project, Techpilot, for newly licensed drivers. The goal of the initiative, which launched in January, is to validate that telematics can modify driving behavior for the better.
OCTO is the leader in transforming IoT Big Data sets into actionable intelligence. For insurance, OCTO offers the market leading DriveAbility® risk score and advanced connected insurance capabilities. OCTO’s Digital Driver insurance telematics mobile app-based solution selected by ICBC provides comprehensive data and powerful insights into driving behavior and associated risk at a competitive price point.
“We’re pleased to partner with OCTO, a leader in the telematics industry. This Techpilot initiative will enable us to better understand the role that technology can play in reducing crashes for inexperienced drivers,” said Myrthee Blanco, ICBC’s Senior Director of Product and Customer Strategy. “Safer roads start with every driver making a conscious decision to focus on the road. This partnership is another step towards our goal of creating a safer driving culture in British Columbia.”
Participants in the Techpilot will use a combination of their smartphone and OCTO-provisioned Smart Tag to detect and score driving behaviors such as speeding, braking, and cellphone use. Half of the pilot’s participants will fully interact with OCTO’s Digital Driver including receiving their score, feedback, and safe driving rewards in the form of gift cards to popular retailers and restaurants. The remaining participants will be limited to receiving rewards solely based on their participation in the Techpilot. The pilot results will inform and optimize ICBC’s telematics strategy and plan.
“ICBC’s focus on making roads safer and helping make insurance more affordable is a perfect fit for OCTO’s technology and mission to enable smart analytics for a better connected world,” said Nicola Veratelli, OCTO Group CEO. “We are a pioneer in insurance telematics, with roots in behavioral, contextual and driving data analysis. We intimately understand the insurance industry and its challenges and opportunities with connectivity. We help organizations like ICBC successfully build and implement a telematics program that benefits both policyholders and the company’s bottom line. We look forward to the results from this project to further demonstrate the societal benefits.”