LV= Broker Taps Octo for Telematics and Data Analytics

Octo will provide a full range of telematics services to support more accurate risk pricing, streamline claims management, and reward policyholders’ for safer driving behavior.

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LV= Broker (Bournemouth, U.K.) has signed an agreement with Octo Telematics (London) for the vendor to provide its telematics and data analytics services.

Octo says it will provide LV= Broker with a full range of telematics services to enable the insurer to price risk more accurately and streamline claims management, as well as reward consumers who are more safety-conscious. Octo will provide what it calls a full telematics ecosystem including sensors, Driver Behavior Scoring, a first notification of loss (FNOL) platform and Stolen Vehicle Recovery (SVR).

Scott Greenhill, Head of Personal Lines Underwriting, LV= Broker.

Scott Greenhill, Head of Personal Lines Underwriting, LV= Broker.

“Octo has a proven track record in this area, and we’re excited about harnessing their experience to introduce this product to our brokers,” comments Scott Greenhill, Head of Personal Lines Underwriting, LV= Broker. “At LV= Broker, we’re always looking to provide high levels of service and innovative products to our customers, and telematics is an increasingly important part of our offering. In addition, the technology provides benefits throughout the value chain, supporting our commitment to providing the most efficient solution.”

Improving Driver Behavior

LV=’s engagement with Octo will enable it to offer customers a mobile application that will provide them with usage statistics and a list of trips, according to Octo. The app is designed to increase customers’ understanding of their driving patterns and improve their behavior from a safety standpoint.

As part of the agreement, Octo’s data will support the LV= Broker Portal, which allows brokers to get instant access to a variety of services that simplify doing business with LV=, Octo reports. The vendor will provide the telematics platform and analytics to support the broker channel.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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