Octo Telematics and SAS to Drive Insurance Telematics Data Insights to New Heights and Reduce Risk
New services from a global agreement to inspire industry evolution
Octo Telematics, the largest global provider of insurance telematics services, and business analytics leader SAS will provide insurers and their policyholders with unprecedented business insight using telematics data. The scope of the agreement is extremely wide and designed to exploit state-of-the-art technology and joint R&D to create new analytics algorithms and services, with a shared and common go-to-market strategy to selected insurance companies.
The current auto insurance environment makes it clear that developments in technology, regulatory change and the need for differentiation in an increasingly commoditized market have led many insurers to assess the opportunity presented by usage-based insurance (UBI). In Europe and North America, awareness of UBI tripled between 2010 and 2013. In the UK alone, telematics-based car insurance sales have risen by more than 60 percent since June 2012.
Through this joint agreement, Octo Telematics and SAS hope to accelerate the acceptance rate of telematics into the insurance market, by creating and proving business value to insurers and consumers. Insurers will gain better consumer insight, improve CRM, generate more accurate pricing and have a more predictable risk base. Consumers will get individualized pricing, improved safety and additional value-added services, all delivered at a better price.
“Pairing leading-edge analytics and industry innovations from SAS with Octo’s telematics technology, data and global leadership is the first step in our vision of leading the insurance telematics revolution with a robust platform,” said Marco Icardi, Managing Director for SAS Italy.
“To date, Octo’s success has been built on the capability to understand the needs of insurance companies and consumers,” said Fabio Sbianchi, CEO of Octo Telematics. “This means conceiving, designing and implementing services that are able to: reward good driving behavior, improve the claims management process efficiency, reconstruct accident dynamic and accelerate the claims indemnification process. The agreement with SAS is a fundamental acceleration for Octo strategy; together with SAS we will build a unique platform to serve as a market benchmark for leading insurers and global carmakers.”