OCTO Telematics and Ford Motor Company have expanded their data streaming partnership into Europe, a news release said.
The deal adds to the initial agreement, signed last year in the North American region. This partnership is expected to also mean growth for Telematic operations in the UK, Italy, Germany, France and Spain.
“We are delighted to expand our relationship with OCTO in Europe," Mark Harvey, director, Enterprise Connectivity, Ford of Europe, said in a news release. "Their technology will enable our customers to benefit from the most accurate, value for money insurance policies in the market.”
This data streaming partnership with Ford is expected to also strengthen OCTO's market leadership in Europe, which powers 43.5% of European Usage Based Insurance (UBI) policies, the news release said. More data can mean better analytics, which OCTO can use to offer an accurate service that keeps pace with global insurance needs.
The European UBI market is projected to reach more than 24 million policies by 2025, the release said.
"We are pleased to extend the Ford relationship into the European Union (EU) market to leverage their connected vehicle technology to enhance insurance risk scoring for insurers and their customers as well as new mobility as a service application for the market,” OCTO Group CEO Nicola Veratelli said in a statement. “And we look forward to exploring opportunities for incremental mobility services that benefit OCTO clients and Ford vehicle owners alike.”
OCTO, founded in 2002, has more than 5.5 million users and the world's largest vehicle telematics database in the world, the news release said.
It also manages more than 400,000 vehicle rentals each month, the company said.