Octo Telematics Signs First Partners to Octo DriveAbility Marketplace
Sep. 06, 2018
CHICAGO--(BUSINESS WIRE)--Sep 6, 2018--Octo Telematics, a leading global provider of telematics and data analytics solutions for the auto insurance industry, announced that EverQuote (Nasdaq: EVER ), a leading online insurance marketplace in the U.S. connecting consumers with insurance providers, and State Automobile Mutual Insurance Company (State Auto), a leading independent agent-based property and casualty insurer operating in 33 states, have joined Octo’s DriveAbility® Marketplace, an insurance distribution platform that enables various industry partners and ecosystem service providers to offer additional customized insurance services to their customers. The DriveAbility Marketplace delivers an insurance solution to increase customer engagement for Octo’s partners, such as EverQuote, in collaboration with national, regional or state-specific insurance providers such as State Auto.
Octo, EverQuote and State Auto EverQuote is the first DriveAbility Marketplace partner to launch in the US. EverQuote’s EverDrive app is a social safe-driving app and is integrated with Octo’s DriveAbility Marketplace to deliver a unique consumer-focused and carrier agnostic connected insurance experience. State Auto is the first insurer to join the DriveAbility Marketplace and offer personalized safe driving auto insurance discounts through the EverDrive app.
Together, EverQuote, State Auto and Octo have launched the first digital insurance marketplace based on telematics data from a smartphone application, leveraging Octo's DriveAbility Marketplace solution and market-leading DriveAbility scoring services paired with EverQuote’s market-leading online insurance marketplace and EverDrive social safe driving app—which has more than 500,000 downloads to date--to provide safe driving consumers the opportunity to earn substantial discounts with innovative carriers like State Auto.
Consumers that use the EverDrive app and anonymously opt-in to qualify for discounts will be presented with unique insurance offers based on Octo’s DriveAbility scoring and State Auto’s customer qualification rules. The DriveAbility Marketplace will generate State Auto insurance offers for EverDrive users and also provide in-policy DriveAbility scoring services for State Auto.
“The Marketplace launch with EverQuote and State Auto, in addition to others in the pipeline, demonstrates the value and flexibility of Octo’s DriveAbility Marketplace proposition across different companies, with different customers, channels, and data sources,” said Geoff Werner, America’s Country Manager & VP DriveAbility & Consulting, Octo Telematics. “We are thrilled to welcome EverQuote and State Auto to the Marketplace, as it continues to demonstrate value to our insurer clients, and significantly grow in the U.S.”
Octo’s DriveAbility Marketplace is a unique way for the connected service industry to truly provide new high-value services to drivers and insurers. The DriveAbility Marketplace provides both DriveAbility scores and insurer integration - thus addressing key challenges for connected service providers and insurers, enabling each to focus on their core competencies of providing value to participating customers. While connected services providers are in charge of customer engagement, implementation of telematics services and management of consent, the DriveAbility Marketplace platform manages the interface between providers and insurers, data processes (data cleansing, normalization, etc.) and hosting, the data analysis (scoring), customer qualification, regulatory issues and brokerage. Ultimately, participating insurers manage the rating and quoting, binding and underwriting, and service policy.
DriveAbility Marketplace derives value for all core participants in the insurance ecosystem:Helping consumers to find the most appropriate and best priced insurance offers Affording connected service providers (e.g. auto OEM, telco, etc.) with new service capabilities that drive tangible value to their customers, ultimately leading to improved service experience, retention and brand loyalty Delivering value-added capabilities for the insurer to pre-screen, pre-select and improve overall risks on their book. This will have dramatic impacts on how they can become more profitable but also guide customers to become improved and safer drivers.
Octo Telematics will be attending the Connected Car Insurance USA 2018 Conference in Chicago September 5-6, 2018. Visit them in Booth 16 for more information.
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 207 billion miles of driving data collected and 447,000 crashes and insurance events analyzed (as of June 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.
About EverQuote Founded in 2011, EverQuote, Inc. operates the largest online marketplace for insurance shopping in the United States. The company's goal is to reshape insurance shopping for consumers and improve the way insurance providers attract and connect with customers as insurance shopping continues to shift online. With over 10 million consumer visits per month, EverQuote's results-driven marketplace, powered by the company's proprietary data and technology platform, matches and connects consumers seeking to purchase insurance with relevant options from our broad direct network of insurance providers, saving consumers and providers time and money. For more information, visit EverQuote.com and follow on Twitter @EverQuoteInsure.
About State Auto Financial Corporation State Automobile Mutual Insurance Company, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. The company is primarily engaged in writing personal and business insurance products exclusively through independent insurance agencies in 33 states and is proud to be a Trusted Choice ® company partner.
State Automobile Mutual is part of the State Auto Group, which is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Financial Corporation, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information can be found online at www.StateAuto.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180906005705/en/
CONTACT: Octo Telematics
Christine Perkett, 617-504-8687
KEYWORD: UNITED STATES NORTH AMERICA CANADA ILLINOIS
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE AUTOMOTIVE PROFESSIONAL SERVICES INSURANCE GENERAL AUTOMOTIVE
SOURCE: Octo Telematics
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PUB: 09/06/2018 11:52 AM/DISC: 09/06/2018 11:52 AM