SAS and Octo Telematics have entered into a global partnership agreement to enable property and casualty insurance carriers to gain deeper business insights through the power of the internet of things (IoT).
Octo Telematics provides a purpose-built IoT platform that enables insurers to better-price risk, manage claims and engage customers, SAS noted.
“Insurers will be able to analyze their full set of driving and crash data alongside their traditional data directly in Octo’s platform using SAS tools,” SAS said in a news release. “The combined analytics capabilities of SAS and Octo will provide insurers with prebuilt scores, interactive dashboards and smart visualizations as well as a suite of powerful SAS enterprise-level tools with which to build their own.”
SAS’s analytics suite, deeply integrated into Octo’s insurance IoT platform, will support the complete data lifecycle – from data ingestion, normalization and validation to analysis to model deployment – and will reveal meaningful insights from IoT data regardless of its quantity, type or speed. Having both traditional and telematics data in a single platform enables insurers to make better decisions and act quickly using the real-time insights that arise from data visualization, machine learning and streaming analytics, according to the companies.
”SAS shares our vision for the transformative power of insurance IoT and best-in-class analytics,” said Gianfranco Giannella, chief operating officer at Octo Telematics. “Together, we are able to analyze huge data volumes and generate actionable insight at speed for insurers and customers.”
Jason Mann, vice president of IoT at SAS, added: “Octo is a pioneer in insurance telematics, and their insurance platform is a great example of how applied analytics combined with IoT can make insurance more profitable and personalized.”