Octo Group Names Nicola Veratelli CEO

The telematics vendor says the appointment aims at broadening Octo’s connected solution offerings and serving new industries in Europe and in the Americas.

(Nicola Veratelli, CEO, Octo Group.)

Octo Group (Rome), a global telematics and connectivity solutions provider with offices in Boston, London, Stuttgart, Madrid, Shanghai, and Sao Paulo, has named Nicola Veratelli Chief Executive Officer. Octo characterizes appointment of the new CEO as a further step in the process of structuring the company with an experienced leadership team to accelerate Octo’s market and offering expansion plans to new industries in Europe and in the Americas.

Sir John Peace, Chairman of the Board, Octo.

Veratelli’s appointment will support a “major shift,” whereby Octo will assert itself as a major player in IoT to grow its core business of intelligent mobility and expand to provide innovative connected solutions in new markets, according to a vendor statement.

“With Nicola Veratelli on board, Octo leverages skills and competencies to consolidate its position as the largest and most experienced global provider of telematics and advanced analytics solutions for the auto insurance industry, foster the growth in intelligent mobility, and engineer solutions designed to make the most out of the connected world we live in across different industries,” the statement says.

Prior to joining Octo, Nicola Veratelli was Senior VP of Operations & Supply Chain at Hertz, based in London. He has held leadership positions in other major global companies, including Rio Tinto Alcan, Eaton Corporation, LyondellBasell and Glaxo SmithKline.

“Nicola is a welcome addition to Octo; the company has experienced great success in our core businesses and it is now time to expand into new markets,” comments Sir John Peace, Chairman of the Board, Octo. “Octo is uniquely positioned to apply its strengths in data and analytics to a broader portfolio of IoT-based offerings.”

Rapidly Evolving Industry

Fabio Sbianchi, Board Member and former CEO, Octo Telematics.

“The challenge is daunting,” comments Fabio Sbianchi, Octo co-founder, board member, and former CEO of the company. “The industry is evolving rapidly and the time is ripe to invest in its future and welcome new leadership to ensure that the Company continues to thrive as it has done in the past eighteen years.”

Founded in 2002, Octo currently has 6 million connected users, boasts the largest global database of telematics data, with more than 248 billion miles of driving data collected and over 464,000 crashes and insurance events analyzed, and runs more than 10 car sharing services and more than 400,000 hires per month.

“It’s an incredible honor to have the opportunity to serve and lead this company which has gone from a brilliant idea to an universally-admired leader of an industry it helped pioneer,” comments Veratelli.  “I look forward to catalyzing the Octo organization to enable even more value from IoT data, leveraging the unparalleled expertise of our people.”

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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 AnthODonnell@IIReporter.com or (503) 936-2803.

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