Product Summary: Octo (Draft 2)

^{According to Octo Telematics of North America (2018), Octo is an international provider of “telematics and data analytics solutions” for the vehicle insurance industry. A product of Octo Telematics, Octo Fleet offers insurance telematics solution to insurance companies, allowing them to assess real-time driver’s behaviour by applying “proprietary algorithm to the database”. It collects analytical data for the insurance companies thereafter, provides solutions in the best interest of both the insurers and policy holders. Also, insurers will have the capability to send an evaluation to the policy holders with the aim of enhancing their safety. Through Octo Fleet, insurance companies are able to review a more accurate nature of accidents and thus letting them have a better conclusion. This will boost their credibility amongst the policy holders. Other benefits include having higher efficiency in managing the accidents and reducing the time taken for investigation which saves cost of operation while making it a smooth procedure. Apart from Octo, company such as Ctrack Insurance Telematics provides similar technology in fleet insurance industry.} 

<sup>A feature which Octo Fleet provides is the product features DriveAbility Score which uses granular telematics information to help anticipate risk. This can be achieved by getting information about the driving pattern of the policy holders beforehand. The features take into consideration factors such as environment and the driver’s behaviour when calculating the driver’s score. Thus, providing accurate results as compared to its competitor which only uses the driving capability of the policyholders. Through this feature, insurers can decide to decrease or increase premium for its policyholder depending on the risk assessment. 

DriveAbility Marketplace is another unique feature that Octo Fleet provides that is unavailable in Ctrack. This feature allows insurers to recognize and provides policy through third party information. Before binding policy for the policyholders, insurer can pre-select the risk profile to underwrite by maximizing the driver’s score. This enables the insurer to matchmake the best policy for their policyholders. 

Thirdly, Octo Fleet provides the DriveAbility Consulting to the insurance companies. This provides insurer with professionals that are knowledgeable in telematics insurance. This allows insurer to maximize their business in insurance telematics. As compared to Ctrack, Octo Fleet enables insurers to develop better program as it enable the insurance companies to improve their business.</sup>

^{in conclusion, the Octo Fleet is a better product for the insurers, as the product features solution which able to maximize the business profits and reduce loss. With features such as the DriveAbility Score, Marketplace and Consulting, insurers able to provide better service for its policyholders while increasing their profits.}

^Source:
Ctrack (n.d.). Insurance Telematics For Insurers - Ctrack. Retrieved 3 October 2018, from https://www.ctrack.com/insurance-telematics/

^{Octo North America (2018), retrieved on 25 September 2018 from https://www.octousa.com/commercial-insurance-telematics-solutions/}

(Edited on 10 October 2018)