Octo Telematics will acquire the usage-based insurance assets of Willis Towers Watson, including its Drive Ability solution.
Following the acquisition, Geoff Werner, global telematics leader at Willis Towers Watson will join the Octo Telematics team. The broker will be represented on the advisory board by Duncan Anderson, global leader of insurance technology and Tom Coughlin, national partner of Willis Towers Watson.
The strategic partnership will see both parties working together to develop telematics products while using big data and analytics.
Jonathan Hewett, chief marketing officer at Octo Telematics, told Post: “Telematics is just the starting point, we see huge opportunities within connected insurance as customers become more connected.
“Our intention is to collect and use data so that we can develop solutions in the connected space, including connected home and pet insurance.”
He declined to say how much the acquisition was worth.
The telematics provider said that it is planning to enter more strategic partnerships in the future in order to extend its product offering.
Alice Underwood, global leader of insurance consulting and technology at Willis Towers Watson said: “We’re looking to develop next generation solutions. The IoT and big data are bringing ever more exciting opportunities for data analytics, and working with Octo puts us in a great position to stay at the forefront of this rapidly evolving global industry.”
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