Insurance intermediary Octo Brokers commences operations
In the dynamic world of insurance, two innovative companies are making waves – Octo Insurance Brokers and ThingCo.
Octo Insurance Brokers: A Fresh Approach to Insurance Brokerage
Founded by Richard Davis, a seasoned insurance broker with over 40 years of experience, and Domenico Davis, a 28-year-old entrepreneur with a tech-driven vision, Octo Insurance Brokers is set to disrupt the traditional UK brokerage market. With a strategic focus on combining personalised, client-centric service with advanced data science and technology, the start-up aims to revive relationship-building while leveraging smart, data-driven insurance solutions.
The company, headquartered in Glasgow's St Vincent Street, is not only expanding its presence in key locations like Glasgow and London but also plans to grow nationally across the UK. Octo Insurance Brokers is also diversifying its client base beyond commercial sectors with the launch of Octo Private Clients, a service targeting high-net-worth individuals seeking bespoke insurance for valuable assets. The company aims to write £5 million in gross written premiums in its first year.
Octo Insurance Brokers' Growth Strategy
Octo Insurance Brokers' growth strategy is built on four key elements: client-centricity and personalized service, data science expertise, sector specialization, and geographic expansion. By counteracting the "faceless commercial insurance" experience common in the industry, Octo aims to build strong client relationships and deliver tailored solutions. The co-founder’s background in data science is pivotal to Octo’s ability to deliver insightful, technology-driven insurance offerings, especially targeting sectors such as property and construction where data can optimize risk and underwriting.
Octo specializes in corporate insurance, surety bonds, and building warranties spanning industries like construction, manufacturing, property, technology, transport, and more. This sector specialization supports targeted growth in high-potential markets.
ThingCo: The Next-Generation Telematics Insurtech
On the other hand, ThingCo, an insurtech company that focuses on telematics and AI-powered devices, has made significant strides in the industry. James Bashford, appointed as Head of Business Development, will lead ThingCo's rapid expansion in response to growing broker and insurer demand for its self-fit, solar-powered telematics device powered by AI and Voice.
ThingCo's partnerships, such as the recent agreement with Ford Motor Company to extend its predictive insurance risk score, OCTO DriveAbility® Score, using Ford's connected vehicle data, are a testament to the company's success.
In summary, both Octo Insurance Brokers and ThingCo are leading the charge in revolutionizing the insurance industry. By leveraging a human and technology hybrid model – using cutting-edge data science and personalised client relationships – they are gaining market share and delivering bespoke insurance solutions tailored to both corporate clients and high-net-worth private clients across the UK.
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