Octo Telematics receives Frost & Sullivan Best Practice Award

13 Sep 2010

The Frost & Sullivan Award for Growth Leadership is presented to the company that has demonstrated excellence in capturing the highest annual compound growth rate for the last 3 years.

Various issues such as lack of strong business models for UBI, regional differences in insurance premium rates and legislations, privacy concerns while using the telematics hardware, perceived the need for huge investment to develop UBI infrastructure and data security issues have all been the major challenges to the UBI market in Europe. Despite these challenging business circumstances, Octo Telematics has been able to increase its market penetration and share through its efficient growth strategies, under these challenging business circumstances. The company's ability to offer UBI based on various algorithms and its capability to balance different regional markets by strategically positioning its services has helped it to remain as a market leader over a period of 3 years with about over 1 million customers (cumulative since 2004). Octo Telematics' extensive depth in its telematics production line and its ability to cater into unique regional needs within the insurance industry has made it the deserving recipient of the 2010 Frost & Sullivan Growth Leadership Award in the European UBI Market. The award will be announced with an international press release during the Chicago "Insurance Telematics" event.