Octo Telematics is to acquire the usage-based insurance (UBI) assets of Willis Towers Watson as the two firms also partner for future telematics products.

The deal will see the two firms partner on additional auto telematics solutions.

The deal, made for an undisclosed amount, includes Willis Towers Watsons’ DriveAbility solution and the DriveAbility Marketplace while Octo will also develop a strategic alliance with Willis Towers Watson on additional auto telematics opportunities to enhance both companies’ suite of products and services. Key Willis Towers Watson personnel will also join the Octo team.

Fabio Sbianchi, CEO, Octo Telematics said: “It makes sense to join forces with Willis Towers Watson to pool resources and lead on further developing telematics propositions. Together, we can extend our geographical reach and leverage our respective established networks to maintain a leading position in enabling consumers and insurers to gain the maximum benefit from accurate telematics data.”For more of the latest industry news, click here.