Product Summary Analysis (Draft 3)

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. However, Ctrack lacks behind in terms of technology and approached as Octo provides a more accurate results and business development through features such as DriveAbility Score and Consulting.

First of all, Octo Fleet provides DriveAbility Score which uses granular telematics information to help anticipate risk. This is achieved through gaining information on the driving pattern of the policy holders beforehand. The feature takes 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 that only uses the driving capability of the policyholders as data for the scores. 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. DriveAbility Consulting enables insurers to work hand in hand with the professionals that specialized in telematics insurance. This allows insurer to maximize their business development in insurance telematics. In comparison, Ctrack does not provides this type of approach to its clients.

Overall, Octo Fleet provides technology and approached that is far superior to its competitor, Ctrack. This helps the insurers a lot as Octo Fleet ensures the insurers to stay relevant and provides better services.

Source:

1) Ctrack (n.d.). How Ctrack Insurance Telematics Can Benefit You. Retrieved 3 October 2018, from https://www.ctrack.com/insurance-telematics/

2) Octo North America (2018). Insurance Telematics Solutions for Commercial Auto. Retrieved 25 September 2018, from https://www.octousa.com/commercial-insurance-telematics-solutions/