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Octo Telematics to Enhance Insurance Product Suite with Acquisition of Willis Towers Watson
Thursday 12 October 2017

12 October 2017 - UK-based telematics and data analytics solutions provider in the auto insurance industry Octo Telematics has agreed to acquire the usage-based insurance assets of London-based Willis Towers Watson, the company said.

Terms of the transaction were not disclosed.

The acquisition includes DriveAbility solution and the DriveAbility marketplace. Key Willis Towers Watson personnel will also join the Octo team.

Following the transaction Octo will develop a strategic alliance with Willis Towers Watson on additional auto telematics opportunities to enhance both companies' suite of products and services.

The partnership will focus on further development of algorithms and other analytical tools to provide actionable intelligence based on accurate analysis of data.

This effort will be led by Octo and guided by an advisory board

Octo Telematics said insurance telematics is evolving beyond the simple black box hardware. With ever-increasing data volumes being measured and recorded, the tools being used to analyse it and provide accurate driving behaviour information to insurers must develop at a similar pace.

It makes sense to join forces with Willis Towers Watson to pool resources and lead on further developing telematics propositions.

Together, the two companies can extend geographical reach and leverage respective established networks to maintain a leading position in enabling consumers and insurers to gain the maximum benefit from accurate telematics data.

Octo Telematics transforms auto insurance through behavioral, contextual and driving analytics for more than 60 insurance partners. Octo has more than 5.1 m connected users and a global database of telematics data, with over 165bn miles of driving data collected and 417,000 crashes and insurance events analysed (as of 30 June 2017).

The company has offices in London, Boston, Rome, Stuttgart, Madrid and Sao Paulo.
Details
Date Published: 12/10/2017
Target: Willis Towers Watson
Country: UK
Sector: Insurance
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor:
Buyer: Octo Telematics
Comment:
Terms of the deal were not disclosed

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