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Omoove Technology Vendor Spotlight: How Insurance Telematics Can Help Your Shared Mobility Operations

Nov 27, 2018

Like Omoove, movmi works in collaboration with a variety of technology vendors. One of the top leading technology vendors operating in the shared mobility space is Omoove, an Octo Telematics company. While movmi showcases the top vendors in our whitepapers for carsharing and scootersharing, we wanted to do an interview with one of them to highlight unique features that our audience may not be aware of and could be useful for their scootershare or carshare operations.

Technology Vendor Spotlight: Omoove

How Insurance Telematics Can Help Your Shared Mobility Operations

omoove-fleet-management

Hi Edwin, thanks for taking the time to interview with us today. Could you introduce yourself?

Definitely. My name is Edwin and I am the Vice President of Omoove’s Mobility Sales & Marketing. I help look after Omoove’s strategy with regards to product development and industry positioning and also help with business development.

What’s the difference between Omoove and Octo Telematics?

Omoove is a part of Octo Telematics. Octo Telematics is known for it’s innovation in insurance telematics. Currently, Octo Octo holds 40% of the usage-based insurance market with 5.6 million connected users in Europe, US and Canada.

Omoove focuses on serving the shared mobility market. Omoove has over 200k installed vehicles (7k vehicle sharing) with over 900k connected users. On a monthly basis, we handle over 400k rentals per month in several European countries.

Good to know! On a strategic level, how does Omoove fit into the shared mobility market?

Shared mobility is Omoove’s core business with a strong focus on carsharing, scootersharing and ridesharing.  We are also focusing on autonomous vehicles. We differentiate ourselves in the market by providing a triple-play solution: a platform that can handle vehicle sharing, ridesharing and insurance telematics.  While there are techvendors competitors for each vertical (i.e. vehicle sharing techvendors competitors, fleet management and insurance telematics competitors), no competitor offers all three services.

The insurance telematics piece sounds unique and interesting. How does this help your clients?

For any shared mobility operation, whether it’s scooters, bikes or vehicles, the client will need to protect its’ assets. Our algorithm is capable of detecting crashes and intensity of the crash. Say Nicole is driving a shared mobility car and gets into a car accident. The client’s control room will be notified right away and also send a dispatch to the insurance company. This allows for our client’s to get to the accident as soon as possible.

After the emergency situation is settled, we will do an analysis of what happened. With our technology, we will be able to objectively see the last 60 seconds around the crash. This helps insurance companies significantly to assess damage costs and determine responsibility.

Does Octo’s insurance telematics available fo Omoove Customers reduce operator’s insurance rates?

The short answer is yes. While the reduction in insurance premiums varies from place to place, we found on average that insurance premiums drop by approximately 20%. That said, we can’t guarantee that you will get a discount as insurance companies all have their own approaches. Some insurance companies won’t even insure shared mobility programs! That said, for those who do support it, they like Omoove’s solution.

The reason why insurance companies like our solution is because it provides objective data about where the damage was done and when the damage it was done. This diagnosis speeds up the insurance investigation/claim process and prevents fraud. By speeding up the claim process, this results lowers claim costs, saves people’s time and gets the vehicles back on the road as soon as possible.

How does the insurance telematics piece help the end-user? (e.g. carshare customer, scootershare customer or rideshare driver)

With Omoove’s solution, we can track driver behaviour and provide an assessment. Our customers can look at how their customers are behaving with their vehicles: are they over-accelerating? Are they braking harshly? Then after this assessment is complete, the driver can receive feedback about what they can improve upon. Also, since the insurance premium costs are lower this could mean that the price for the end-user to drive the vehicles is reduced too.

What type of clients does Omoove typically serve?

Omoove serves both free-floating and station based business models. We are finding though that more operators want to be multi-mode: whether that’s combining carshare and rideshare platforms or integrating with other services such as fine management automatic dispatching. For the fine management in particular, there is a need to automate this process because, in present day, it’s very time consuming.

How else does Omoove help clients?

We are good at correcting mischievous behaviour. While it doesn’t happen often, we will get the rare case of someone trying to steal a vehicle. Our software will be able to detect when this is happening and take action such as locking the engine the first time it is parked. We always have eyes on the fleet and get notifications whenever someone is outside the geofence.

What are some exciting projects Omoove working on or recently completed that you are proud of?

We recently released to market the first electric connected scooter. We partnered up with Silence, a Spanish company that develops and manufactures electric scooters, to make this a reality. This is a great benefit to our scootershare clients and prospective ones because installation time will be significantly reduced. It also means that the on board technology is completely integrated with the Scooter and can provide additional info to the Scooter Sharing operator and Driver, such as maintenance alerts, consumptions, and use of the scooter.

For more information you can check out scootersharing.com

A couple of projects that we are working on include expanding out our marketing tools and predictive analytics. For our marketing module, we have customized it so that our smaller clients can get the tools they need without breaking the budget. For our large clients who have expansive fleets and a large customer base that requires more management, we are integrating with Salesforce. For our predictive analytics, we are looking to help fleet managers with relocation to improve fleet utilization.

Are you a vendor in the shared mobility space interested in being interviewed for our spotlight series? Let’s talk! Get in touch with us here.

 

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