Octo Telematics Launches its Next Generation IoT Platform
【Summary】Octo Telematics, a leading global provider of telematics and data analytics solutions for the automotive insurance industry, recently announced that it has launched its Next Generation Platform (NGP) after a business and technology investment of more than $40 million.
LONDON — Octo Telematics, a leading global provider of telematics and data analytics solutions for the automotive insurance industry, recently announced that it has launched its Next Generation Platform (NGP) after 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. 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 93 million global policies by 2020.
Preventing Insurance Fraud
The upgrades were driven in part by insurance companies requesting more detailed vehicle data for usage based insurance policies and claims investigations.
Usage based insurance policies collect data from a vehicle to monitor a driver's habits. For example, a driver who routinely drives over the speed limit can be identified with sensor data from their vehicle.
The data can also be used to settle insurance claims and determine who is at fault in the event of an accident. Suppose a minor accident occurred between two drivers using Octo's platform. Using the data collected from each vehicle, Octo can determine the time of day, location, speed and direction of travel, throttle position, vehicle faults, if any that are stored in memory, and other important data in the moments before an accident, to determine if one of the drivers is at fault.
Vehicle data can also be used to identify good drivers, and insurance premiums can be priced or customized based on each individual driver's risk. Octo's NGP with API intergration can analyze even more sensor data from a vehicle than before. A good driver can save up to 30 percent on their insurance premiums with a usage based policy.
Vehicle Sensor Fusion
Building on its best-in-industry telematics software, Octo's NGP can take data from any sensor on a vehicle through its IoT (Internet of Things) hub, analyze it to deliver multidimensional analytics, and provide real-time data services to support a full digital transformation of the policyholder experience.
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, such as 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, the Chief Operating Officer at Octo. "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." he said about Octo's new platform.
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."
Connected Cars & Autonomous Driving
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.
Octo's Next Generation Platform is currently live and fully operational, and will serve both current and prospective Octo customers for the foreseeable future.
In May of 2017, Octo reached an important milestone by reaching 5 million connected users 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 has also partnered with OEMs, including BMW, Daimler and GM to collect data from their vehicles.
Originally from New Jersey, Eric is an automotive and technology reporter specializing in the high-tech industry in Silicon Valley. Eric has over fifteen years of automotive experience and a B.A. in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the automotive industry and beyond. He has worked on self-driving cars and as a technical writer, helping people to understand and work with technology. Outside of work, Eric likes to travel to new places, play guitar, and explore the outdoors.
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