NEWTON, Mass.--(BUSINESS WIRE)--Octo Telematics, a leading global provider of telematics and data analytics solutions for the auto insurance industry, and Agero, the largest B2B provider of roadside assistance services to automotive manufacturers and insurance providers in North America, have announced a partnership to deliver an integrated crash management solution to enable carriers to more proactively and quickly respond to any crash situation, and will permit insurance carriers to improve First Notice of Loss (FNOL) services and savings.
The strategic partnership provides carriers with a greater ability to reduce the overall cost of claims while improving customer satisfaction. With Octo’s FNOL crash detection, which has been validated by 417,000 crashes, and Agero’s accident response center with emergency triage capabilities, which manages recovery services for over 900,000 accidents per year, carriers can provide a better and more valuable experience to customers in need, while improving their ability to quickly identify and process FNOLs. For example, if an accident occurs while telematics data is being gathered, it can be leveraged to initiate emergency response to aid the consumer and facilitate the quick initiation of a claim.
“Octo Telematics continues to innovate in the insurance industry with its application of telematics data, adding value to policyholders and positively impacting revenue streams for the insurer,” said Jeffrey Blecher, Senior Vice President of Strategy at Agero. “Their telematics services, using big data technologies, help insurers to reduce fraud and manage risk effectively. We are excited to have them as a partner in our accident management service offering.”
Upon the detection of a crash, a call is triggered for a trained Agero accident response agent to reach out to the insured and provide emergency assistance and dispatch rescue services. Leveraging Agero’s accident management service network, a qualified service provider can be immediately dispatched to the scene of the accident in an expedited manner, allowing the insurance carrier the ability to get “eyes on scene” quickly and the subsequent ability to control the vehicle handling process, reducing further need for vehicle storage or additional tows. The accident response agent can then transfer or confirm a time for the insured to speak with a claims agent, improving FNOL timing and resolution. Having an accident response agent engage with the consumer at this critical time not only improves consumer loyalty, but by dispatching immediate medical care and a tow provider, this process can save lives and save costs.
“There is a lot of opportunity for insurance carriers to use telematics to improve customer value proposition and bottom line revenue. Claims expense represents up to 76% of gross premium, fraud represents 4-15% of total claim value, late accident reporting results in a 33% higher payout and telematics results in 40-50% higher response time,” said Nino Tarantino, CEO of Octo Telematics North America.
“Partnering with an industry leader like Agero not only benefits its customers, but will also accelerate the adoption of insurance telematics - insurance customers will have the peace of mind of a quick and seamless process while the carriers have a better ability to control claims costs. We are excited to bring this value to Agero and its customers, and continue to improve road safety as well, including saving lives, assisting families - and especially teens - in the case of an accident, providing value-added services for drivers and reducing claims costs for providers.”
With over 40 years of experience, Agero is a leading provider of vehicle and driver safety, security and information services, including roadside assistance, consumer affairs and claims management services. The company protects 80 million vehicle owners in partnership with leading automobile manufacturers, insurance carriers and others. Managing one of the largest national networks of service providers, Agero responds to more than 10 million requests annually for emergency assistance. Agero’s award-winning solutions leverage advances in technology and information services to accelerate and enhance response to drivers' needs while strengthening customer loyalty. Agero, a member company of The Cross Country Group, is headquartered in Medford, Mass., with operations throughout North America. To learn more, visit www.agero.com and follow on Twitter @AgeroNews.
About Octo Telematics
Octo is the number one global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, 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 60 insurance partners. Octo has 5.1 million connected users and one of the largest global databases of telematics data, with over 165 billion miles of driving data collected and 417,000 crashes and insurance events analyzed (as of June 30, 2017). 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.