Tag Archives: Fabio Sbianchi

Octo Telematics Launches New Internet of Things Insurance Platform

 

Image result for octo telematics logo

Octo Telematics Launches New Internet of Things Insurance Platform

The Next Generation Platform allows for complete flexibility in the selection of sensors, analysis and output of data for all insurance and automotive services

It will enable accelerated growth in the global auto insurance market and facilitate expansion into future adjacent insurance and automotive markets

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, analyse 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 behaviour 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 breath taking 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: https://gigaom.com/event/the-importance-of-telematics-in-an-iot-world/.

Source: Octo Telematics

 

Octo to enhance CCN cross-border Claims Management Service with market leading telematics solutions

CCN and Octo partnership

connected cars

Octo Telematics today announced a partnership with Claims Corporation Network B.V. ( “CCN”), a European Third-Party Administrator and Claims Management Service Provider, to enhance its risk & claims management service with its market-leading telematics services and data analytics solutions.

CCN supports insurance companies in controlling and mitigating the total cost of claims with a service that allows for fast, easy and simple handling of local and cross-border claims within and beyond the European Union for insurance carriers, brokers and fleet-owners.

The integration of Octo’s telematics services and specifically crash detection and reconstruction technology into the CCN claims management service will create a complete end-to-end solution. This will provide an enhanced efficiency to insurance companies and an improved experience for their clients. The actionable intelligence provided by Octo, together with the expertise of CCN, will enable insurers to further reduce the total cost of claims and mitigate the risk of fraudulent claims.

Octo has helped over 90 industry partners with telematics adoption and there has been significant earned benefits for insurers in crash and claims management services. The ability to make First Notice of Loss (FNOL) a proactive and positive intervention delivers benefits to both the insurer and insured. Together with forensic crash reconstruction and claims management services, insurers are benefiting from lower claims costs and faster settlement times, often by as much as 50%.

Fabio Sbianchi, CEO, Octo Telematics said: “We are very pleased to be working with CCN to achieve our goal of improved processes for our insurance partners, so they can operate more efficiently and deliver improved financial results. We will continue to innovate in the insurance industry, delivering effective solutions to our partners.”

Cees Werff, CEO, CCN, commented: “Insurers expect new, innovative technology-enabled solutions to report, track and trace a claim so they can take out unnecessary costs, delays and service dissatisfactions. CCN is committed to providing these services and the integration of Octo Telematics’ technology is an important step in delivering a comprehensive cross-border claims solution.”

CCN operates across the European Union and beyond. The agreement with Octo Telematics will be operational across all regions.

Source: CCN