Octo Telematics launches new IoT insurance platform

Octo Telematics has launched its Next Generation Platform (NGP), a business and technology investment of more than $40 million. The platform provides open access and seamless integration of any API, as well as a fully-modular insurance telematics structure, affording flexibility through mix-and-match service selection.

Octo’s NGP can take data from any sensor through its IoT hub, analyze it to deliver multidimensional analytics, and provide real-time data services to support a full digital transformation of the policyholder experience. In addition to core telematics services such as driver behavior scoring, and crash and claims analysis, these new capabilities provide better risk analytics for insurance, OEM, and long term rental and fleet partners.

Developed with support from Salesforce, Software AG, SAS and SAP, as well as consulting firms Deloitte and Capgemini, the NGP represents a transformation of the industry’s current software platforms. The NGP was built to boost the potential of IoT and digital insurance disruption; giving companies of all scale the solution to build a complete new customer experience for policyholders and transform other insurance verticals besides auto – like home, pet, health and on-demand insurance.

The impacts of the platform are being felt now and will be even more so as autonomous cars move onto our roads. Insurers have previously utilized telematics to provide services such as UBI policies, moving forward through the NGP, it will also allow for greater integration of data coming directly from connected cars and enable a growing number of other third-party services such as tolling and traffic information. The technology is and will continue to be instrumental in providing the crash analysis needed to determine liability and better assess driver premiums, and also help reduce insurance fraud and streamline the claims process substantially.

Source: Octo Telematics

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