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.
SAS and Octo Telematics, an insurance IoT company, 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 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 visualizations 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."
"Octo is a pioneer in insurance telematics, and their insurance platform is a great example of how applied analytics combined with IoT can make insurance more profitable and personalized," said Jason Mann, Vice President of IoT at SAS.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.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.