SAS and Octo Telematics team up for insurance IoT

Octo Telematics is integrating the analytics suite of SAS to help its insurer customers more effectively price risk, manage claims and engage policyholders.

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 pre-built scores, interactive dashboards and smart visualisations, as well as a suite of enterprise-level tools with which to build their own.

“SAS shares our vision for the transformative power of insurance internet of things (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.”

Paul Ridge, insurance specialist at SAS UK and Ireland, added: “We know from experience that applying analytics in IoT can deliver a more personalised insurance service for the customer, at the same time make it more profitable for the insurance providers. Octo is a great example of how combining data analytics, IoT and insurance telematics can transform the industry for a better outcome.”

Claims executives interested in finding out more about Octo should take a look at its whitepaper on how telematics ensures sustainable reductions in claims costs.

The whitepaper explores the traditional method for optimising claims and why it is no longer sufficient, explains how telematics creates opportunities for long-term sustainable improvement in claims costs, and closes with two illustrative examples highlighting the impact of telematics on an insurer’s bottom line.