In this White Paper, which contains quotes from Gartner’s Predicts 2020: Digital Challenges Slow Down Insurance Industry Transformation’ report (December 2019), we would like to explain how Digital Driver Essentials, OCTO’s range of telematic experiences allows our stakeholders, businesses and consumers to have smart, intuitive and technologically-advanced solutions, capable of giving immediate advantages in terms of loyalty, profiling, risk analysis and a positive influence on driving behaviour, assisting drivers in an accident and making their experience with the insurance company more pleasant.
The example of OCTO’s proposed path to step-by-step telematics adoption is the “DIGITAL DRIVER ESSENTIALS” product, a complete and modular offering of digital solutions that leverages the potential of mobile technologies to facilitate the introduction of telematics and to increase customer engagement throughout the policy lifecycle.
This solution can benefit CIOs, Risk, Claim and Marketing managers looking to accelerate the embrace of a new market approach. Leveraging the app as an interaction channel, insurance companies can build a new customer experience, reinforcing the relationship through continuous engagement.
The product addresses the B2B2C model and provides different web profiles and platform interfaces to facilitate these operations.
For the policyholder it comes in two different configurations:
- Digital Driver Smartphone Edition: a comprehensive “telematic experience” in the driver’s hands. The end user is encouraged to adopt safer driving behaviours thanks to the implementation of the Driver Coaching functions (the detection of events that distract the user from driving) and the DriveAbility® scoring (the most accurate algorithm for assessing the user’s driving style).
- Digital Driver SmartTag Edition: based on the use of the smartphone associated with the OCTO SmartTag installed on the windshield which allows a wider range of use and additional services. This helps to improve safety in the event of an accident. The SmartTag edition enriches the Smartphone edition with assistance to the user in the event of an accident. The end user is identified within their vehicle and the assistance room is able to provide them with help and support immediately. In addition, once the urgency is over, the solution will allow the customer to manage the event more effectively with their insurance company.
OCTO has tested the reliability of its smart tag associated with the OCTO Digital Driver application, a solution capable of automatically detecting and reporting over 95% of accidents occurring at speeds in excess of 5 miles per hour. At the same time, false alarms are incredibly low at less than 1% of customers every year.
Benefits for Claim Managers and Fleet managers
For seamless and touchless claims handling, OCTO can reduce the process from months to days, offering significant savings from process improvements and mitigating further loss such as fraud or the downtime of fleet vehicles. Claim managers and fleet managers can benefit from instant FNOL (first notice of loss) for proactively improving the loss ratio or managing the fleet, as well as receiving a detailed dossier of events. This dossier can help reduce claim adjustments and avoid accident investigations for the insurer, while helping fleet managers identify areas for improvement in driver training. In parallel, the user experience is also greatly enhanced from near real-time support at the time of need, such as emergency services, breakdown assistance, or the reallocation of the fleet, to a quicker settlement of claims.
Effectiveness OCTO Crash
At OCTO, this all begins with the most advanced crash analytics, built from Machine Learning algorithms using the most comprehensive claims event database in the world. With half a million events fully analyzed as genuine claims and processed by the insurance industry, it is also the most mature and proven telematics-based claims solution available today.
Available as part of the Digital Driver SmartTag Edition, OCTO’s expertise and effective crash and claims service is now part of a low friction, easy to adopt solution. The benefits of crash detection can be enabled within minutes, quickly enhancing the user experience. Process improvements to claim handling as part of the business operations can also be introduced with the support of OCTO to speed up the period of return on investment (ROI).