Altech Netstar in Africa Deal with Octo Telematics
01 Mar 2011
Vehicle tracking and recovery group Altech Netstar has been appointed as the exclusive service provider for the African continent for Octo Telematics.
Insurance telematics is an alternative insurance risk-rating model that uses driver behaviour to determine risk. Octo Telematics boasts more than one million active clients in Europe.
"We believe that Africa has significant potential for the development of insurance telematics, and that this is the right time to enter the market," said Fabio Sbianchi, CEO of Octo Telematics. "We are delighted to partner with such a major player in the telematics arena as Altech Netstar. We value this relationship as vital to the growth of this business in Africa and as a natural complement to Octo. This is due to both Altech Netstar's commitment to innovation and deployment of cutting-edge technology solutions, and to their wide geographical footprint."
Harry Louw, MD of Altech Netstar, said: "Altech Netstar strives to bring the latest technology and services in the telematics field to its customers throughout Africa. Octo Telematics is the global leader in insurance telematics, and is the ideal business partner for us to bring this dynamic new insurance risk-rating method into our market."
Altech Netstar said that the initial reaction from various insurers with whom it had conducted proof-of-concept exercises had been favourable.
Italy-based Octo Telematics specialises in the provision of telematics services and systems for the insurance and automotive market.
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