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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).
“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.