Tag Archives: octo telematics

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

Telematics Trends for 2016

connected cars

What does the Telematics revolution have in store for 2016?

Not too long ago, car reviews and market predictions focused on speed, design and technical features, but cars are increasingly becoming futuristic high-tech systems, teeming with sensors and chips. Nowadays, forecasts are about technology, about network capabilities and telematics solutions.

Algorithms

Algorithms are at the forefront of the on-going telematics revolution. They are the engines that telematics employs to search and mine data, recognising patterns and identifying cause and consequence correlations.

Algorithms can be used to determine just about anything: from a driver’s policy premium, based on his or her driving history or driving environments, to predictive maintenance alerts on vehicle engines and mechanics. Indeed, industry experts predict the advent of algorithm-based vehicle warranties that will provide buyers with foolproof data on used cars, based on the previous owner’s driving patterns and style.

Avatars

Another interesting feature is one borrowed directly from social networks and the Internet: the concept of an avatar and instant personalisation. Drivers will be able to log into their own account and retrieve their driving preferences, history and bookmarks on any vehicle they drive, just like they do on different computers, so that the vehicle is automatically adjusted to their driving behaviour and personal preferences.

In fact, this solution will be especially popular with the generation of “Millennials” who have also exhibited a preference for sharing or leasing, rather than purchasing, vehicles.

Ethernet

The standard computer networking technology used in offices and industry around the globe is expected to come to vehicles in 2016. This is a major step forward that will bring much faster upload and download transmission times to moving vehicles.

Obviously, this will spell out a major improvement not only in terms of car connectivity and infotainment systems, but will also have major repercussions on safety and security. First of all, over-the-air updates for all vehicle systems will become very fast. Moreover, if an autonomous or even semi-autonomous car is to rely on automatic braking and other hazard management systems, the faster it can relay, receive and analyse data will also reflect an increased performance in terms of safety.

Octo Telematics and General Motors have recently signed a partnership to collect data and provide advanced UBI scoring services (driver scoring, vehicle usage) for insurance carriers, as well as a full and competitive fleet management solution to fleet/leasing companies throughout Europe.

Safety and Security

The development of telematics has always centred on increased safety and security features and although 2016 is not slated as a breakthrough year, these features will continue to blossom. This includes not only the quicker data transmission capability mentioned above, but also certification systems to allay consumer nervousness concerning computerised systems, data privacy issues and hacking.

The industry is also expected to increase the adoption of autopilot systems to control vehicle trajectory and vehicle proximity sensors to prevent collisions and accidents.

Source: Octo Telematics