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Octo Telematics (London), a global provider of telematics and data analytics solutions for the auto insurance industry, has launched its Next Generation Platform (NGP), an offering which the vendor says is the result of a business and technology investment of more than $40 million. Octo describes the platform as providing open access and seamless integration of any API, as well as a fully-modular insurance telematics structure, affording flexibility through mix-and-match service selection. The vendor pitches the new platform as an Internet of Things (IoT) ecosystem that provides insurance innovators with the scope and ability to meet the rapidly growing global demand for User-Based Insurance (UBI).
Octo says that NGP can take data from any sensor through its IoT hub, analyze 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 behavior scoring, and crash and claims analysis, these new capabilities provide better risk analytics for insurance, OEM, and long term rental and fleet partners, the vendor claims.
Transforming Insurance Lines Beyond Auto
Octo reports that NGP was developed with support from Salesforce (San Francisco), Software AG (Darmstadt, Germany), SAS (Cary, N.C.) and SAP (Walldorf, Germany), as well as consulting firms Deloitte and Capgemini. The vendor says that 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 lines of business other than auto, such as 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,” comments Fabio Sbianchi, CEO, Octo Telematics. “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.”
Driving Services Innovation
NGP merges the flexibility and openness of a horizontal IoT framework with the go-to-market readiness of vertical-business applications, asserts Gianfranco Giannella, COO, Octo, who led development of the platform. “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,” he says.
“The magnitude of Octo’s IoT vision is breathtaking and working with Octo’s team in utilizing, extending and further developing our IoT software portfolio has been co-innovation at its best,” comments Wolfram Jost, CTO, Software AG. “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.”