(Image credit: Adobe Stock.)
Octo Telematics (London), a global provider of telematics and data analytics solutions for the auto insurance industry, and Agero, the largest B2B provider of roadside assistance services to automotive manufacturers and insurance providers in North America, have announced a partnership to deliver an integrated crash management solution to enable carriers to more proactively and quickly respond to any crash situation, and will permit insurance carriers to improve First Notice of Loss (FNOL) services and savings, according to an Octo statement.
Octo characterizes the alliance as a strategic partnership that will provide carriers with a greater ability to reduce the overall cost of claims while improving customer satisfaction. The partnership combines Octo’s FNOL crash detection, which the vendor says has been validated by 417,000 crashes, and Agero’s accident response center with emergency triage capabilities, which manages recovery services for over 900,000 accidents per year. With these combined capabilities, Octo says that carriers will be able to provide a better and more valuable experience to customers in need, while improving their ability to quickly identify and process FNOLs. “For example, if an accident occurs while telematics data is being gathered, it can be leveraged to initiate emergency response to aid the consumer and facilitate the quick initiation of a claim,” the Octo statement elaborates.
“Octo Telematics continues to innovate in the insurance industry with its application of telematics data, adding value to policyholders and positively impacting revenue streams for the insurer,” comments Jeffrey Blecher, senior VP of Strategy, Agero. “Their telematics services, using big data technologies, help insurers to reduce fraud and manage risk effectively.”
How it Works
In the event of a crash, Octo’s FNOL crash detection capability will trigger a call for a trained Agero accident response agent to reach out to the insured and provide emergency assistance and dispatch rescue services, Octo reports. Through Agero’s accident management service network, a qualified service provider can be immediately dispatched to the scene of the accident in an expedited manner, allowing the insurance carrier the ability to get “eyes on scene” quickly and the subsequent ability to control the vehicle handling process, reducing further need for vehicle storage or additional tows. The accident response agent can then transfer or confirm a time for the insured to speak with a claims agent, improving FNOL timing and resolution. Having an accident response agent engage with the consumer at this critical time not only improves consumer loyalty, but by dispatching immediate medical care and a tow provider, this process can save lives and save costs, Octo asserts.
“There is a lot of opportunity for insurance carriers to use telematics to improve customer value proposition and bottom line revenue,” says Nino Tarantino, CEO of Octo Telematics North America. “Claims expense represents up to 76 percent of gross premium, fraud represents 4-15 percent of total claim value, late accident reporting results in a 33 percent higher payout and telematics results in 40-50 percent higher response time.”
Value-Added Services, Reduced Claims Costs
“Partnering with an industry leader like Agero not only benefits its customers, but will also accelerate the adoption of insurance telematics—insurance customers will have the peace of mind of a quick and seamless process while the carriers have a better ability to control claims costs,” Tarantino adds. “We are excited to bring this value to Agero and its customers, and continue to improve road safety as well, including saving lives, assisting families—and especially teens—in the case of an accident, providing value-added services for drivers and reducing claims costs for providers.”