This builds on the initial agreement signed in the North American market in July last year1. By leveraging Ford’s connected vehicle data, OCTO will enhance its market proven telematics services in insurance and analytical services in the UK, Italy, Germany, France and Spain.
The integration provides a seamless experience for automotive insurers and their policyholders, with highly predictive pricing based upon Telematics driving data collected from consenting customers’ vehicles fitted with embedded connectivity.
Through this agreement, OCTO will integrate Ford’s data with its existing data sources, strengthening OCTO’s market leadership in Europe, which powers 43.5% of European Usage Based Insurance (UBI) policies2. This strengthens the power of OCTO analytics and offers a service that is accurate and envisions the insurance world’s future needs.
OCTO’s expertise in UBI service design and implementation, already gained in the aftermarket, will provide an “off-the-shelf” ready-to-play service option, that will further integrate the digitalization of insurance, via the native connectivity of Ford’s vehicles.
The European UBI market is expected to reach over 24 million policies by 20252 and embedded/line-fit solutions will be a key driver facilitating the uptake and expansion of this growth trend, representing 10% of all UBI policies2, and will enable new mobility as a service solutions.
“We are pleased to extend the Ford relationship into the EU market to leverage their connected vehicle technology to enhance insurance risk scoring for insurers and their customers as well as new mobility as a service application for the market,” said Nicola Veratelli, OCTO Group CEO, “and we look forward to exploring opportunities for incremental mobility services that benefit OCTO clients and Ford vehicle owners alike.”
Mark Harvey, Director, Enterprise Connectivity, Ford of Europe said “We are delighted to expand our relationship with OCTO in Europe. Their technology will enable our customers to benefit from the most accurate, value for money insurance policies in the market.”
