Insurance intermediary Octo Brokers initiates operations officially
In the bustling world of insurance, a new player has entered the scene: Octo Insurance Brokers. The Glasgow-based start-up, founded by father-and-son duo Richard and Domenico Davis, is setting its sights on writing £5 million in gross written premiums within its first year of operation[1][3].
With a team of experts spread across the UK and offices in Glasgow and London, the company plans to expand further across the country[1][3]. Octo Insurance Brokers is poised to disrupt the UK brokerage market with a tailored service and data-led decision making[1][3].
The firm's growth strategy centres on a unique blend of personalized, client-centric service and cutting-edge technology, aiming to differentiate itself from traditional, impersonal commercial insurance providers[1]. By reviving personalized relationship-building alongside smart, data-enhanced insurance solutions tailored to client needs, Octo aims to carve out a niche in the corporate insurance, surety bonds, and building warranties sectors, including construction, manufacturing, technology, transport, and more[1].
For the high-net-worth individuals, Octo has launched a separate arm, Octo Private Clients, offering bespoke insurance broking services for high-value assets such as art, jewelry, luxury vehicles, yachts, and property portfolios[1].
Meanwhile, in the realm of telematics, Octo Telematics, a separate entity, has made waves with its global partnership with RCI Bank and Services, the finance company from Groupe Renault[2]. This partnership aims to provide advanced telematics services and big data analytics to enhance the driving experience of RCI Bank and Services' drivers[2].
Octo Telematics has also partnered with Ford Motor Company to extend its predictive insurance risk score, OCTO DriveAbility® Score, using Ford's connected vehicle data[2]. The partnership aims to provide a seamless experience for Ford drivers[2].
In the insurtech sphere, ThingCo has appointed James Bashford as Head of Business Development in response to broker and insurer demand for Theo - ThingCo's self-fit, solar-powered telematics device powered by AI and Voice[4].
Richard Davis, with over 40 years' experience in insurance broking, emphasizes Octo's commitment to relationship-led service and family values[1]. Domenico Davis, 28 years old, brings a tech-driven perspective to the traditional insurance model, having previously launched PropertyMarketIntel in 2021[1].
As Octo Insurance Brokers embarks on its journey, it promises to revive the personalized service of the past while incorporating cutting-edge technology and data-driven insight, positioning itself as a tech-enabled, personalized insurance broker with ambitious premium targets and plans for UK-wide expansion[1][3].
References: [1] Octo Insurance Brokers Press Release, [date], [link] [2] Octo Telematics Press Release, [date], [link] [3] Business Insider, "New insurance start-up Octo Insurance aims to write £5m in its first year", [date], [link] [4] ThingCo Press Release, [date], [link]
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