Provide Spanish drivers with premium and custom-tailored car insurance policies
Octo and Zurich Insurance Spain undersigned an agreement in July 2014 to provide Spanish drivers with premium and custom-tailored car insurance policies.
The agreement between Octo and Zurich Insurance entails the installation of an Octo telematics device on vehicles covered by Zurich Insurance policies that will monitor car location, time of travel and usage. The objective is to predict driver behaviour, to assess actual risk levels and adjust or customize insurance policy premiums on the basis of these parameters.
In 2013, for example, 80% of fatal accidents in Europe occurred on conventional roads, compared to 5% on motorways and 15% on highways. Thus, policyholders travelling on safer high capacity roads, which witness fewer accidents than lower capacity roads, will be able to enjoy discounts on their insurance renewals.
Moreover, Octo on-board telematics devices provide a series of other value-added, technology-based advantages, especially security.
Safety, in fact, is something that the vast majority of Europeans (92.8%) expect from their cars. “In addition to saving money, our telematics solutions enable drivers to travel in a safer manner thanks to automatic emergency-call and geo-location services,” explains Davide De Sanctis, Octo Country Manager, Spain and Portugal.
If a vehicle impact is detected, the device automatically sends a distress signal to the company that contacts the customer immediately. If the driver does not respond, emergency services are immediately alerted.
Octo has been installing this type of device on cars and other vehicles since 2012. Indeed, Octo continuously stores and processes over 72,000 data points per minute* to perfect its road safety understanding. Real-time monitoring of quantitative data (where, how and how much the car is used) and qualitative monitoring (driving speed, braking, acceleration, cornering…) enable Octo to provide transparent policies and custom-tailor prices to individual drivers.
According to estimates, the integrated e-Call device, which will be mandatory on all new cars and trucks produced in the EU from 2015, could save nearly 1500 lives per year (5% of the total number of deaths in road accidents in Europe) and reduce serious injuries cases by 6% annually.
Moreover, in case of car breakdown or theft, Octo’s geo-location services make it easier for assistance services to locate the car or for the police to recover stolen vehicles.
*2nd trimester 2014