Octo Telematics Powers CAA MyPace™ Pay-As-You-Go Program
Staff Writer | May 31, 2018
Octo Telematics, a leading global provider of telematics and data analytics solutions for the auto insurance industry, announced it was selected as the telematics provider of choice for CAA Insurance Company’s new CAA MyPace™, a pay-as-you-go (PAYG) insurance program offering Ontario’s CAA policyholders a way to pay for, reduce and manage auto insurance premiums if they drive less than 9,000 kilometers per year.
The auto insurance world continues to evolve and grow, as industry developments such as IoT and the sharing economy change the way – and the frequency of how much – cars are driven. Adopting new policy options such as PAYG demonstrate that insurers are keeping up with these evolutions and are able to serve policyholders with unique and value-added solutions at each stage of their driving journey. Octo makes it possible through its next generation IoT insurance platform, a fully modular insurance telematics structure, affording flexibility through mix-and-match service selection. Octo’s Insurance platform provides innovators with the scope and ability to meet the rapidly growing global demand for User-Based Insurance (UBI) that is predicted to reach 93m global policies by 2020.
“We wanted to recognize the varied and unique ways that our policyholders drive today and quickly roll out new options that allow them to afford the best type of insurance for their individual needs,” said Robin Joshua, vice president, CAA Insurance. “Working with Octo Telematics was the obvious choice, given their storied history in, and global development of, insurance telematics programs and their ability to direct many different facets of the program. We were confident in their ability to quickly get us up and running, and excited about their breadth of capabilities.”
Octo provided a customized solution and flexible mix-and-match service selection for CAA to build a new customer experience for policyholders. Octo’s Surround product powers the program, providing CAA with the ability to provide the customer with vehicle health information and deliver additional value-added policyholder services. The app allows motorists to track how much they are driving and to pay for auto insurance based on that mileage.
“We’ve enjoyed working with CAA and are excited to help them roll out this new program to further service their policyholders and improve their personal auto lines profitability,” said Nino Tarantino, CEO of Octo North America. “The pay-as-you-go model allows insurers like CAA to more accurately price premiums based on kilometers, and create a new paradigm with policyholders – emphasizing and recognizing each as an individual and building real-time policies that fit around their lifestyle and need, as opposed to traditional insurance that views and prices policyholders in bulk. PAYG also puts the policyholder in control of their premium costs, and incentivizes them to reduce kilometers driven and adopt safer driving habits, thus reducing accidents, traffic congestion and vehicle emissions as well – a win-win for everyone.”
CAA MyPace will be available in July 2018. Learn more: https://www.caamypace.com/
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Medical Malpractice Insurers Investing in Analytics and Emerging Tech in Face of Market Pressures, Says Novarica
- Insurtech AI Leader Betterview Appoints Dan Shoham, PhD, as Chief Science Officer
- Vermont Mutual Insurance Group Selects One Inc for Digital Payments
- Insurers Embracing Machine Vision for Underwriting and Claims, Says Novarica
- Nationwide partners with Slice Labs to develop on-demand auto insurance for rideshare drivers
- AM Best Requests Comments on Draft Criteria: Scoring and Assessing Innovation
- Majesco Acquires Insurance Software Business in India
- MEMIC Scholarship for Families of Injured Workers Now Accepting Applications
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
There are so many great advances in the area of smart homes and buildings, it makes me wonder what the actual impact has been, or what I might have... READ MORE
This month, the ITA celebrates Insurance Careers Month and encourages carriers, brokers, agents and our industry associations to plan their own... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE