Octo Telematics, a global provider of telematics and data analytics solutions, has launched an innovative service called Vantage (formerly Glimpse Plus) which comes with a tag sensor.
Specifically, Octo Telematics helps in collecting data on driving behavior and at the same time helps in detailed crash detection and claims analysis. It further enables customers to use their smartphones to monitor their driving habits and become safer drivers.
The tag sensor can be easily deployed in the vehicle, which makes collecting data on trips easy even in the absence of a smartphone in the car. The tag uses Octo’s proprietary algorithm to detect, validate and reconstruct crashes. The accelerometer in the tag is calibrated with the vehicle.
The solution helps insurers in claims validation and reduction of claims costs. For customer it provides a better user experience.
Vantage capabilities include:
Pairs with smartphone for driver identification and data transmission
Improves reliability and accuracy of data collection and risk event detection over smartphone-as-a-device model
Adds crash detection, instant FNOL, and crash reconstruction capabilities
Drastically reduces battery usage over smartphone-as-a-device model
Detects vehicle trips and events even when the smartphone is not present in the vehicle
Vatange product features:
Driver behavior monitoring and scoring to help price the risk of policyholder effectively
Distracted driving monitoring and scoring for risk pricing models
Data-driven cash and claims management which helps in cutting loss adjustment expenses and indemnity costs by making claims process more proactive, identifying and mitigating frauds and streamlining claims management
Fully customizable and white labelled solution
Ultimately, Octo Telematics is working on a persistant problem that has plagued the field of telematics: data quality. If Octo succeeds, it will dramatically improve the ability of insurers to price telematics policies accurately.