Octo Telematics Launches New Internet of Things Insurance Platform – Business Wire (press release)

LONDON–(BUSINESS WIRE)–Octo
Telematics
, a leading global provider of telematics and data
analytics solutions for the auto insurance industry, today announced
that it 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 Application Platform
Interface (API), as well as a fully-modular insurance telematics
structure, affording flexibility through mix-and-match service
selection. The development of the platform as an IOT ecosystem, provides
innovators with the scope and ability to meet the rapidly growing global
demand for User-Based Insurance (UBI), that is predicted to reach 93m
global policies by 2020.

Building on its best-in-industry telematics software, 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.

“This is an important business investment, continuing the company’s
15-year history as one of the pioneers in the global telematics
industry,” said Octo Telematics’ CEO, Fabio Sbianchi. “The Next
Generation Platform will help us meet the growing demand from our
current insurance partners, as well as making new customer acquisition
faster, more efficient and open up opportunities for any system
integration partners, from budding start-ups to the largest
multi-national insurers.”

The development of the platform was led by Gianfranco Giannella, Chief
Operating Officer at Octo, who commented, “The Next Generation Platform
is a truly unique offering, merging the flexibility and openness of a
horizontal IoT framework with the go-to-market readiness of
vertical-Business Applications . Therefore, providing current and
prospective partners the best of both worlds and democratizing access to
valuable data analytics to drive further innovation of services for the
insurance industry.”

Commenting on the new platform, Software AG CTO Dr. Wolfram Jost noted
that, “The magnitude of Octo’s IoT vision is breathtaking and working
with Octo’s team in utilizing, extending and further developing our IoT
software portfolio has been co-innovation at its best. This is the
perfect way to partner in developing new digital IoT services: deep
industry expertise from Octo combined with Software AG’s leading edge
technology – together delivering a huge competitive advantage to
customers and revolutionizing their businesses.”

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.

The Next Generation Platform is currently live and fully operational,
and will serve both current and prospective Octo customers for the
foreseeable future. A webinar with additional details on the Next
Generation platform will be held by GigaOM at 11:00 AM CDT/5pm BST on 12
July 2017. Additional details on the webinar are available here: http://ift.tt/2rVSjhd.

About Octo Telematics

Octo is the number 1 global provider of telematics and data analytics
solutions for the auto insurance industry. Founded in 2002, Octo is one
of the pioneers of the insurance telematics industry. Today, Octo is the
largest and most experienced insurance telematics company in the world,
transforming auto insurance through behavioral, contextual and driving
analytics for more than 60 insurance partners. Octo has 5 million
connected users (as of May 2017) and the largest global database of
telematics data, with over 155 billion miles of driving data collected
and 397,000 crashes and insurance events analyzed (as of March 2017).

Octo applies proprietary algorithms to this market-leading database to
deliver powerful new insights into driver risk, informing solutions that
benefit both auto insurance companies and policyholders. The company is
headquartered in London, with offices in Boston, Rome, Stuttgart,
Madrid, and Sao Paulo.

For more information, please visit: http://ift.tt/1j6Hocj

http://ift.tt/2tM66Zx

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