The Octane plugin does the major work for you in converting materials and when rendered already looks pretty good, but you still have to modify some materials to get the best out of it. Lighting is easier in Octane as in Poser. You can use the Poser lights, but you get the best results if you set up more specific Octane lights (in that respect it is the same as Lux)

There are some limitations in conversion of Poser materials - not only for Octane, but for Lux as well and probably most other external render engines. The Poser material room is very powerful in manipulating materials - but they cannot be easily converted (if at all). Examples are skin layers (tattoes, sweat drops, soap bubbles, etc), UV map manipulation (offsets, positioning, etc), procedurals (skin, edge blend, noise, etc.). But there are ways to get around that, but those are not automated.