Octo Telematics announced that it has launched its Next Generation Platform (NGP) to meet the growing demand for usage-based insurance technology.
The platform is designed to provide open access and seamless integration of any application platform interface, as well as a fully modular insurance telematics structure, the company said.
“Building on its best-in-industry telematics software, Octo’s NGP can take data from any sensor through its [Internet of Things] hub, analyze it to deliver multidimensional analytics and provide real-time data services to support a full digital transformation of the policyholder experience,” London-based Octo Telematics explained in a news release. “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.”
Octo said it invested $40 million in the development of the new platform, and had support from Salesforce, Software AG, SAS and SAP, as well as consulting firms Deloitte and Capgemini, during the process.
“This is an important business investment, continuing the company’s 15-year history as one of the pioneers in the global telematics industry,” Octo Telematics CEO Fabio Sbianchi said. “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 startups to the largest multinational insurers.”
In addition to supporting usage-based insurance, the new platform will enable greater integration of data coming directly from connected cars and facilitate a growing number of other third-party services such as tolling and traffic information, the company said.
“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,” Octo Telematics added.