Global telematics leader to offer first telematics “triple play” across insurance, fleet management, and car sharing
LONDON, December, 14, 2016 — Octo Telematics (Octo), the largest worldwide provider of telematics services, has announced its acquisition of the Mobility Solutions business of Tecnologie nelle Reti e nei Sistemi T.R.S. S.p.A (TRS), for an undisclosed sum.
Octo provides a full suite of solutions for motor insurers and fleet managers, connecting over 4.6 million users globally. By integrating Mobility Solutions into its current portfolio, Octo will be the only telematics vendor able to offer a triple play solution – covering insurance, fleet and car sharing management needs for its customers.
Mobility Solutions technology, which leverages a robust cloud platform to help customers manage their fleet and car-sharing services (including corporate car sharing), is currently used by 10 car sharing operators in 14 cities, across almost 4,000 vehicles, including scooters, and more than 500,000 rentals a month. By incorporating Mobility Solutions into Octo’s existing platform, and uniting the portfolio of Mobility Solutions users, Octo will support over 4.6 million connected users through its insurance platform and an additional 600,000 registered users on its mobility platform per year- totaling more than 5.2 million users annually. This will be in addition to the nearly 6 million rentals Octo already services annually, with significant growth opportunities in Europe and the US in both the fleet & car-sharing management spaces.
“As a pioneer in the telematics space, we are continually examining ways we can innovate and provide our customers with first-in-industry telematics solutions,” said Octo Mobility Solutions CEO and Octo Co-Founder Giuseppe Zuco. “Our acquisition of Mobility Solutions enables us to provide our customers with a truly integrated mobility platform powered by the most advanced technology in the industry. From driver identification to insurance risk evaluation, Octo can support the broad scope of management challenges.”
The acquisition comes at a pivotal moment in the global automotive industry, as vehicles are increasingly being adapted to the new connected landscape being enabled by telecommunications solutions. Per the Ptolemus Consulting Group, nearly 100 million vehicles will be insured with telematics policies by 2020, rising to nearly 50% of vehicles globally by 2030. With this expansion in telematics-enabled services, solutions that also offer flexible, effective fleet and ride-sharing management functionality will provide customers the opportunity to streamline all their potential telematics-enabled operations.
The new Mobility Solutions technologies and services resulting from the acquisition will provide Octo’s Mobility Solutions platform with built-out capabilities in both personal and corporate car-sharing services, parking management, and enhanced cloud-based fleet management. Combining the new technologies and expertise into Octo’s comprehensive Mobility Solutions platform, as well as investing additional resources into the platform’s evolution, will not only help the company service more customers annually- but will allow Octo to provide enhanced service to existing and prospective insurance partners who want to better understand the mobility and car-sharing space.
Currently, the triple play telematics offering will be available in Italy, with further European and US rollouts in first half 2017.
About Octo Telematics
Octo is the number 1 global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, Octo is one of the pioneers of the insurance telematics industry. Today, Octo is the largest and most experienced insurance telematics company in the world, transforming auto insurance through behavioral, contextual and driving analytics for more than 60 insurance partners. Octo has more than 4.6 million connected users and the largest global database of telematics data, with over 136 billion miles of driving data collected and 358,000 crashes and insurance events analyzed (as of 30 September 2016). Octo applies proprietary algorithms to this market-leading database to deliver powerful new insights into driver risk, informing solutions that benefit both auto insurance companies and policyholders. The company is headquartered in London, with offices in Boston, Rome, Stuttgart, Madrid, and Sao Paulo. http://www.octotelematics.com/
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