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 personalised 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 analyse 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 prebuilt scores, interactive dashboards and smart visualisations as well as a suite of powerful SAS enterprise-level tools with which to build their own.
“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 analyse 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 personalised 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.
SAS’ analytics suite, deeply integrated into Octo’s insurance IoT platform, will support the complete data life cycle – from data ingestion, normalisation 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 visualisation, machine learning and streaming analytics.