LARVIK, Norway, March 11, 2025 (GLOBE NEWSWIRE) -- Followinganextensivesix-monthRFPprocess,ABAXGroupAS announced today that its insurance division, "Fair" has selected OCTO Telematics, a leading global provider of AI and risk scoring solutions, to support its rapidly growing portfolio of Usage-Based Insurance (UBI) customers.
This strategic partnership enhances its insurance product with improved AI-powered analytics, enabling more precise risk assessments, optimized pricing, and an improved customer experience.
"AIandUBIarereshapingtheinsuranceindustry,andourswitchtoOctoensureswedeliveramorereliable, high-quality solution.Thisupgrade strengthensourcommitmentto providing trusted,data-driven services for our customers," said Emma Dyga, CEO of ABAX Group.
During the tender process, ABAX thoroughly vetted multiple suppliers and measured results against actual claims. With Octo, ABAX gets a reliable, long-term solution with accurate results and a strong correlation to actual claims. "By integrating a more advanced and better-suited AI-driven risk scoring solutionfromOcto, wearedeliveringimprovedaccuracy, efficiency,andvalueto Fairandpolicyholders alike," adds Jørgen Johansson Skalleberg, CEO of Fair.
"ABAX's commitment to innovation and data-driven insights aligns perfectly with Octo's AI based capabilitiestoenableafullydigital smart mobility ecosystem, enhancingdrivers' safetyandqualityoflife. Together, wearebuilding a transparent, innovative, and fair insurance ecosystem. This agreement is fully inlinewithOcto'sAIstrategy,completelydeviceagnosticandisnow extendingourinternationalfootprint to the Nordics," said Corrado Sciolla, Octo Group CEO.
With this shift ABAX and Fair continues to lead the way in bringing new technology to the telematics and insurance industries, empowering insurers with smarter data and providing customers with personalised, fair, and adaptive insurance solutions.
AboutABAX
ABAX is a leading European telematics IoT platform offering connected mobility solutions for vehicle tracking, tool tracking, and equipment control. Our mission is to provide mobility data insights that help customers optimize field operations, comply with regulations, and achieve significant savings. With over 500,000 tracked assets and 40,000 customers, ABAX delivers reliable and powerful solutions for businesses relying on field workforces, logistics, and heavy equipment. Our advanced platform transforms customer needs into actionable insights and automated reporting, driving efficiency and operational excellence.
About OCTO
For over 20 years, we have been developing integrated solutions that allow us to support our clients in seizing opportunities driven by smart mobility and digital transformation. With an innovative approach based on Artificial Intelligence, we have developed advanced algorithms for crash detection, driver behavior analysis, claims management, and consumption optimization. These solutions enable us to meet the needs of key markets such as insurance and mobility, with a strong focus on modularity and customization.
Our scalable and modular data analytics platform delivers solutions for the Insurtech and mobility markets, helping our partner companies transform the way they manage and grow their business.
Moreover, our clear ESG strategy guides our market proposition, fostering the development of solutions increasingly geared towards energy transition and data-driven urban planning.
OCTO currently serves over 6 million connected users and holds the world's largest telematics database, featuring 610 billion kilometers of driving data and over 525,000 certified claims.
octotelematics.com
Formoreinformationpleasecontact:
Sofia Toll, CMO, ABAX
Email: sofia.toll@abax.com
Phone: +46 70 726 04 59
Adriana Zambon, Media Contact, OCTO Telematics
Email:
Phone: +39 339.3995640
ThisinformationisinsideinformationpursuanttotheEUMarketAbuseRegulation("MAR")andissubject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 of the Norwegian Securities Trading Act. This information was published by Sofia Toll, CMO of ABAX at 08:00 CET on the 19thof February.
