Tech Intelligence Bulletin (HG Insights) – SAS and Octo Telematics, the global leader in insurance IoT, have entered into a global partnership agreement to enable property and casualty insurance carriers to gain deeper business insights through the power of IoT.
The insurance industry is under intense pressure to improve their books of business and remain relevant in a burgeoning field of tech-driven competition. The billions of sensors connected to insurable things – people, vehicles, homes – provides the industry with the opportunity to completely transform their business with personalized insurance offerings and higher customer retention through engagement. Octo Telematics provides an IoT platform purpose-built for insurance that enables insurers to better price risk, manage claims and engage customers.
Insurers will be able to analyze their full set of driving and crash data alongside their traditional data directly in Octo’s platform using SAS tools. The combined analytics capabilities of SAS and Octo will provide insurers with pre-built scores, interactive dashboards and smart visualizations as well as a suite of powerful SAS enterprise-level tools with which to build their own.
Transformative power of insurance IoT
“SAS shares our vision for the transformative power of insurance IoT and best-in-class analytics,” said Gianfranco Giannella, Chief Operating Officer at Octo Telematics. “Together, we are able to analyze huge data volumes and generate actionable insight at speed for insurers and customers.”
“We know from experience that applying analytics in IoT can deliver a more personalized insurance service for the customer, at the same time make it more profitable for the insurance providers. Octo is a great example of how combining data analytics, IoT and insurance telematics can transform the industry for a better outcome,” said Paul Ridge, Insurance Specialist, SAS UK & Ireland.
Insurance IoT platform supports data life cycle
SAS’ analytics suite, deeply integrated into Octo’s insurance IoT platform, will support the complete data life cycle – from data ingestion, normalization and validation to analysis to model deployment – and will reveal meaningful insights from IoT data regardless of its quantity, type or speed. Having both traditional and telematics data in a single platform enables insurers to make better decisions and act quickly using the real-time insights that arise from data visualization, machine learning and streaming analytics.