(Image source: NASA.)
Octo Telematics (Boston) has entered the Mexico market through it’s Octo Telematics North America subsidiary. The company’s telematics solution will be available to insurance carriers and fleet management companies throughout the country.
Octo Telematics claims that it has the largest database of driving and correlated crashes in the world, and currently owns 36 percent of the market in terms of active UBI policies, with over four million connected and active global users. Its expansion into Mexico reflects its growing global footprint, with current outposts and customers in Europe, the U.S., Canada and Mexico.
“We’re working on various pilot programs to deliver the most comprehensive UBI and telematics programs to customers in Mexico,” commens Nino Tarantino, North American CEO, Octo Telematics. “We bring not only the right technology solutions, but a dedicated and experienced team who understands what it takes to build, deliver and maintain a UBI program for the insurance industry, specifically. We understand claims departments’ needs, the insurance budget cycle, best practices for capturing different market segments, and more.”
Robust Fleet Management Platform
Octo reports that it is working with LeasePlan (Flevoland, Netherlands), a global fleet management and driver mobility company, to deliver fleet services to LeasePlan Mexico customers in late Spring. LeasePlan Mexico customers will benefit from what Octo characterizes as a robust fleet management platform for monitoring vehicle usage, as well as the peace of mind provided by Octo’s stolen vehicle recovery and Crash and Claims services.
“This expansion is an exciting time for the company, with Ptolemus Group forecasting the insurance telematics market to grow at a 50 percent CAGR by 2020, driven by opportunities such as the growth in IoT and increased demand for telematics solutions in the insurance and automotive sectors,” Tarantino adds.