Octo Telematics one of the prominent insurance Internet of Things companies and SAS have reportedly combined their forces to make their way into a comprehensive partnership agreement which would enable casualties, as well as property insurance carriers for gaining deeper insights that the business across the world needs for powering the Internet of Things.
By the looks of it, the insurance industry is presently under an intensified amount of pressure to make their financial books or the business books better. Moreover, they also want to stay relevant in the booming field which is seeing an intensified clash due to tech.
Billions of the sensors are usually connected to a lot of insurable things such as homes, people, vehicles which provides the industry a never-seen-before opportunity for completely transforming the business with quite personalized offerings of the insurance. The opportunity will also oversee a huge rate of retention via customer engagement.
On the other hand, the Octo Telematics has provided the Internet of Things platform with a purpose-built meant for insurance which enables the insurers for a better risk involving price along with engaging the customers and manage the claims.
The insurers are going to analyse a complete driving set as well as crash data with the conventional data directly in the platform of Octo for utilizing the SAS tools. Moreover, the unified analytical capabilities of Octo and SAS would provide the insurer with the pre-default score along with smart visualization and interactive dashboards. Additionally, the combined analytics also brings robust tools which would help in building their own platform.
Octo Telematics' Chief Operating Officer said that SAS from the very beginning shares a similar vision for transforming the Internet of Things IoT prowess. The COO also said that the unification would allow the company to analyze the massive volume of data and eventually project quite an amount of actionable insight which will provide immense speed to both customers and insurers.
**This post was published on https://www.moneycontrol.com
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