According to Octo Telematics North America LLC (2018), Octo is an international provider of “telematics and data analytics solutions” for the vehicle insurance industry. Octo Fleet offers insurance telematics solutions 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 providing solutions in the best interest of both the insurers and policyholders. The product features DriveAbility, which is used for insurers to access information about the driving pattern of the policyholders. DriveAbility score is generated by tracking the driving behaviour of the insured driver, while considering factors such as acceleration, braking, cornering, and the weather conditions that they are in. Insurers will then have the capability to send an evaluation to the policyholders with the aim of enhancing their safety. Furthermore, insurance companies can review a more accurate risk assessment that will profit the organization. This can be achieved by identifying the ideal insurance plan for each policyholder and determining whether the premium should be increased or reduced. At the same time, insured drivers will have a better understanding of how they can improve on their driving pattern if any. Although Octo Fleet has all these attractive features, Intelligent Mechatronics System Inc. (IMS) offers similar product features and has also surpassed Octo in terms of leveraging mobile technologies.
IMS focuses on making their product more appealing to the end-users with the integration of Mobile applications. Most of the features in Octo fleet can only be accessed by the insurance company who wants to track and collect information. Whereas for IMS, there are several features in the mobile application which policyholders have access to. Features such as Leaderboards is used for drivers to compete with other drivers in the system in terms of the safety scores. This feature can then be linked with Reward Badges; a feature of the application which aims to reward drivers if they complete the challenges that are available to them. Ultimately, these two features are implemented to encourage drivers to adopt a safe driving behavior.
Another way that IMS exploits its mobile technology is by integrating Intelligent Driver Detection to reassure insurance companies that they are collecting the correct information from the driver. Policyholders will be required to scan their fingerprint to ensure that the recorded trips are based on their driving behavior and not anyone else. Thus, the feedback given by the insurer will be more accurate when they know who is actually driving the vehicle.
When the features offered by Octo and IMS are compared, it is apparent that IMS is superior in delivering a better product to the insurance companies. Although Octo seems to have the complete package, there are still room for innovations and IMS seized the opportunity to do more. Not only do IMS has most of the features that are available in Octo Fleet, it also presents a solution that can attract the end-user better. With all these compelling features that IMS has developed, it can help insurance companies to gain more policy holders and subsequently able to contribute to their success.
Source:
I. M. S. (n.d.). Mobile Telematics - Behaviour-Based Auto Insurance Telematics. Retrieved October 2, 2018, from https://www.intellimec.com/mobile
Octo North America (n.d.) Telematics Solutions for Insurers, Fleets, and OEMs. Retrieved October 2, 2018, from https://www.octousa.com/telematics-solutions/
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