Jooycar, the leading Auto Insurtech in Latin America, announced the development of a strategic partnership with OCTO Telematics, a technology leader specializing in IoT and vehicle data analysis worldwide.
The intent of the partnership is to strengthen the operation of both companies in Latin America, as well as offer advanced solutions and expertise to encourage adoption of digital processes to improve profitability and driver experience.
The combined solution enables fair prices for vehicle insurance policies and cost reduction of up to 40%. It rewards and encourages good driving habits, accelerates response times for assistance in case of accidents or vehicle theft, and ensures efficiency and speed in claims processing.
This is achieved by using the most advanced IoT and data analytics technology from OCTO that has already been used to connect more than 5.7 million vehicles worldwide, along with Jooycar’s local expertise in Latin America to integrate, customize and operate these technologies for a seamless adoption by insurers in the region.
The partnership aims to reverse the current situation that leaves the vast majority of LATAM drivers uninsured and to achieve 70% insurance penetration in the region by 2025. This powerful combination will transform traditional policies into connected insurance, fostering safer cities and roads with fewer accidents and more affordable premiums, in addition to the launch of new innovative products creating a significant impact in social and sustainability terms.
“Auto insurance in LATAM is poised for change. With more than 100 million vehicles on the road, only 25% are insured, and a small niche uses data and telematics to improve their safety and protection. Our region has lagged behind in adopting technology in auto insurance, and it’s not due to a lack of innovation from carriers but because of the absence of a complete solution. Now we will introduce it to the market together with OCTO,” indicated Rodrigo Labbé, CEO and co-founder of Jooycar.
“Together, we can accelerate the use of telematics to meet emerging needs and create a competitive advantage for auto insurers throughout Latin America,” said Nicola Veratelli, CEO of OCTO Group SpA.
As reported by both organizations, the expected impacts of digital transformation adopting these solutions translate into; a 15-20% reduction in claims frequency and severity; users who demonstrate good driving habits pay up to 40% less for their insurance; a 10-20% reduction in the time to close a claim; 45-55% reduction in fraudulent claims; 30-40% reduction in legal costs.
About Jooycar:
Jooycar is the fastest-growing connected car Insurtech company in Latin America, with operations in Chile, Peru, and Mexico. All powered by its disruptive technology based on IoT and advanced data processing. They were recently recognized as one of the World’s Most Innovative Insurtech Companies in 2022 by Fintech Global and third in the prestigious world ranking Future50.
Jooycar has re-imagined the traditional way of understanding auto insurance to promote more efficient and safer driving, positively impacting drivers, the insurance ecosystem, companies, and the city. Jooycar creates value for its clients by transforming the da
About OCTO:
OCTO has always been an innovator in connected mobility. A pioneer in telematics for the insurance sector, OCTO is today the leading provider of smart analytics and advanced telematics solutions to insurance, Fleet Management and Smart Mobility, using Machine Learning and Artificial Intelligence to transform data into value added solutions.
The multiple business applications and numerous use cases enable OCTO to bring telematics to the heart of smart cities and usher in a new era of smarter analytics aligned with the global sustainability goals expressed in the company’s Vision Zero: Zero Crashes, Zero Congestion, Zero Pollution.
OCTO has currently 5.7 million connected users and holds the largest global database of telematics data, with more than 552 billion Km of driving data collected and over 514,000 crashes and insurance events analyzed.
Frost & Sullivan recognizes OCTO Telematics with the 2022 Global Company of the Year Award. www.octotelematics.com
