New Insurance Policies Target Young Drivers in Belgium: Octo Telematics contracts with P&V Group for “Vivium” and “P&V”
17 Jan 2009
Octo Telematics has signed an agreement with P&V Group in Belgium for the provision of cutting-edge insurance telematics applications for new motor insurance policies dedicated to young drivers. Octo Telematics is a MetaSystem Group company specialising in the provision of telematics services and systems, mainly for the insurance and automotive market, with over 700,000 subscribers to its services. With this new contract the company now supports 38 insurance clients - including all of the top five European Insurance Groups and leads the European automotive insurance telematics industry with an 80% market share.
P&V and Vivium, both P&V Group's brands, have introduced innovative new motor insurance policies to the Belgian market, enabled by Octo Telematics' integrated telematics solutions. The new policies give young drivers, aged between 18 and 25 years old, the opportunity for savings on insurance premiums and increased safety and security. This is possible thanks to prompt notification and directed assistance in case of a crash, stolen vehicle recovery in case of theft, and consistent access to information regarding their driving behaviour. The idea that inspired these new insurance models is to reward young customers who distinguish themselves with safe, responsible driving.
The telematics platform is installed free for the customer on-board. The "Clear Box" (S² Box for VIVIUM and Go Box for P&V) collects data through the GPS receiver and forwards to the Octo Telematics' Multiservices Center via GPRS network. The data are elaborated and statistical information is made available via the internet to the insurance company that also shares them with its own policy holders who have access through a personal code.
With the largest telematics fleet in Europe for the number of active clients and a database of the most complete figures and statistics globally, Octo Telematics is the undisputed global leader in the research, development and management of telematics solutions for motor insurance.