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.”
Octo Telematics is the global leader in insurance telematics services. Octo focuses on growing the value of the insured to create sustainable value for insurance companies. The Octo solution uses the power of big data to deliver actionable insight across claims management, pricing and customer assistance for the benefit of our insurance partners. To find out more about Octo Telematics, find us at octotelematics.com or follow us on Twitter @OctoTelematics or LinkedIn.
Octo: The Reliable Way
- 12 years of flawless execution in the insurance industry
- 3,200.000 worldwide active customers on the road
- 141 worldwide insurance partners, carmakers and rental companies
- 118.000 data points recorded, processed and stored every minute
- 135 billion data points analyzed to deliver insight to our partners
- Up to 172,000 new customers per month
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