Ford Motor Company (NYSE: F) and OCTO Telematics have confirmed that they both have decided to expand their data streaming partnership in Europe. Both the companies have inked a new agreement which is based on the agreement they both have inked in the North American market in July last year.
As per the agreement, OCTO will combine Ford’s data with its current data sources. This step will bolster OCTO’s market leadership in Europe, which supports 43.5% of European Usage-Based Insurance (UBI) policies. This improves the power of OCTO analytics and provides a service that is precise and foresees the insurance world’s future needs.
Furthermore, the alliance provides a smooth experience for car insurers and their policyholders, with robust and accurate pricing based on Telematics driving data collected from compliant clients’ vehicles equipped with the embedded connection. OCTO’s experience with UBI service design and implementation in the aftermarket will give an “off-the-shelf” ready-to-use service option that will further incorporate the digitalization of insurance via Ford’s natural connectivity.
OCTO Group stated that it is delighted to extend its relationship with Ford into the EU market to fully exploit their connected vehicle technology to improve insurance risk scoring for insurers and their customers, as well as new mobility as a service application for the market. Moreover, the company is looking forward to exploring opportunities for incremental mobility services that benefit both OCTO clients and Ford vehicle owners.