Octo Telematics announced it has partnered with Qualitas, Mexico’s largest auto insurer, as Octo continues to expand its footprint throughout the Mexico market.
With more than 4 million insured vehicles, Qualitas has operations throughout Mexico, Latin America and the United States. The insurer will work with Octo to develop the telematics market in Mexico by leveraging Octo’s driving-behavior analytics in the commercial-lines space, according to Octo.
“Octo’s leading market share of active UBI policies, combined with its proven ability to provide both data and actionable insights to the insurance industry, will enable Qualitas to continue its insurance leadership position,” the company said in a news release.
Octo will supply Qualitas with fleet telematics as it expands its commercial offerings throughout Mexico with a new program, available to its customers in early 2019. The program will include risk management and asset utilization by leveraging driver-behavior data, and Qualitas’ commercial fleet customers will be able to track vehicles at all times, better serve customers with accurate and intelligent logistics, improve driver safety and prevent accidents, according to Octo.
“As the largest auto insurer in Mexico, Qualitas was a natural fit for us as a partner, as we continue to lead the growth of UBI and telematics in the country,” said Geoff Werner, America’s Country manager at Octo Telematics. “Octo’s years of gathering, managing and delivering data, understanding the insurer to insured relationship in different countries – and how to expand an insurer’s value proposition – means that we can quickly integrate and roll out a program for them that fits their needs. We’re excited to see how it expands their value proposition to policy holders.”
Markets and Markets reports that the Internet of Things (IoT) and telematics have led to a wave of connectivity, and that they collectively are driving profound change in the global automobile industry, including a growing opportunity in the sector for automotive connected insurance-ecosystem players. Qualitas recognized this and wanted a partner that understands the industry and its challenges, as well as offering a wide range of capabilities including scoring, analytics and advanced crash detection and crash services.
“The ability to allow our commercial auto customers to better care for their employees and fleets is an exciting proposition that fits with our mission to offer them more advantages – including guaranteed quality and efficiency,” said Margarito Villas, director of risk prevention at Qualitas. “Octo’s renowned, global leadership in gathering and analyzing telematics data to improve insurer operations, profit and value proposition was very attractive to us. With Octo, we will continue to improve customer loyalty, trust and retention. Octo was the obvious choice for our needs and we are confident that our customers will swiftly adopt this program and see additional value in us as their insurer.”
Octo Telematics data will allow Qualitas to improve efficiency and productivity of its customers’ fleets by reducing fuel consumption, limiting unauthorized asset utilization and improving driver safety, according to the company. The Octo fleet-management console will allow fleet managers to locate vehicles, monitor performance and support drivers in real time with location, usage and vehicle health data, according to Octo.
“The insurtech industry’s digital footprint is becoming wider and we consider ourselves a market leader in this innovative push,” said Pilar Moreno, technical director, Qualitas. “Working with market-leading partners such as Octo Telematics ensures that we have the best technology to support our customers as the Internet of Things, data and analytics continue to be game changers for our customers. We are confident in working with Octo, given their storied history in these areas.”