NEWTON, Mass.---Octo Telematics, a leading global provider of telematics and data analytics solutions for the auto insurance industry, announced that it continues to expand its footprint throughout the Mexico market and has partnered with Qualitas, Mexico's largest auto insurer with operations throughout Mexico, Latin America and the United States. Qualitas, with over four million insured vehicles, will work with Octo to develop the telematics market in Mexico by leveraging Octo's driving behavior analytics in the commercial lines space.
Octo continues to lead the burgeoning global usage-based insurance (UBI) market, which Ptolemus recently reported had grown by 40 percent in a year, to 21.6 million active policies by the end of June 2018. Octo's leading market share of active UBI policies, combined with its proven ability to provide both data and actionable insights to the insurance industry, will enable Qualitas to continue its insurance leadership position. Octo will supply Qualitas with fleet telematics as it expands its commercial offerings throughout Mexico with a new program, available to its customers in early 2019. The program will include risk management and asset utilization by leveraging driver behavior data and Qualitas' commercial fleet customers will be able to track vehicles at all times, better serve customers with accurate and intelligent logistics, improve driver safety and prevent accidents.
"As the largest auto insurer in Mexico, Qualitas was a natural fit for us as a partner, as we continue to lead the growth of UBI and telematics in the country," said Geoff Werner, America's Country Manager at Octo Telematics. "Octo's years of gathering, managing and delivering data, understanding the insurer to insured relationship in different countries - and how to expand an insurer's value proposition - means that we can quickly integrate and roll out a program for them that fits their needs. We're excited to see how it expands their value proposition to policy holders."
Markets and Markets reports that the Internet of Things (IoT) and telematics have led to a wave of connectivity, and that they collectively are driving profound change in the global automobile industry, including a growing opportunity in the sector for automotive connected insurance ecosystem players. Qualitas recognized this and wanted a partner that understands the industry and its challenges, as well as offering a wide range of capabilities including scoring, analytics, and advanced crash detection and crash services.
"The ability to allow our commercial auto customers to better care for their employees and fleets is an exciting proposition that fits with our mission to offer them more advantages - including guaranteed quality and efficiency," said Margarito Villas, Director of Risk Prevention at Qualitas. "Octo's renowned, global leadership in gathering and analyzing telematics data to improve insurer operations, profit and value proposition was very attractive to us. With Octo, we will continue to improve customer loyalty, trust and retention. Octo was the obvious choice for our needs and we are confident that our customers will swiftly adopt this program and see additional value in us as their insurer."
In the "2019 CIO Agenda: Insurance Industry Insights," a recently published Gartner research paper, analysts indicated that data and analytics continues to be the most commonly mentioned game-changing technology among insurance CIOs. Octo Telematics data will allow Qualitas to improve efficiency and productivity of its customers' fleets: reducing fuel consumption, limiting unauthorized asset utilization and improving driver safety. The Octo fleet management console provides vehicle and driver behavior data at the individual, fleet segment or holistic fleet level. The management console will allow fleet managers to locate vehicles, monitor performance and support drivers in real time with location, usage and vehicle health data.
"The insurtech industry's digital footprint is becoming wider and we consider ourselves a market leader in this innovative push," said Pilar Moreno, Technical Director, Qualitas. "Working with market-leading partners such as Octo Telematics ensures that we have the best technology to support our customers as the Internet of Things, data and analytics continue to be game changers for our customers. We are confident in working with Octo, given their storied history in these areas."
Qualitas, which means quality in Latin, is more than just the commercial name of the company, it is an attitude that prevails throughout the organization and has enabled Qualitas to achieve rapid and solid growth. Founded by Lic. Joaquín Brockman Lozano, on December 9, 1993 in Mexico City, the first policy was issued on March 22, 1994 and by the end of the year the company had grown to 115 agents and 2,970 insured vehicles. Today, after more than 24 years, Qualitas is the leading Mexican insurer in the automotive market with more than 12,000 agents and more than 3.6 million insured cars. Qualitas offers products for all types of vehicles, from cars and motorcycles to heavy equipment and public service. Our commitment to quality service and personalized attention has consolidated us as the number one insurer in the sector. Learn more at http://www.qualitas.com.mx/.
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 100 insurance partners.
Octo has more than 5.6 million connected users and the largest global database of telematics data, with over 228 billion miles of driving data collected and 456,000 crashes and insurance events analyzed (as of December 30, 2018). 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.
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 Rome, with offices in Boston, London, Stuttgart, Madrid, Mexico, and Sao Paulo.
Octo Telematics' release is available here.