Octo Telematics has launched its Next Generation Platform (NGP). The platform provides open access and seamless integration of any Application Platform Interface (API). It also provides a fully-modular insurance telematics structure, giving flexibility through mix-and-match service selection. The development of the platform as an IOT ecosystem, provides the scope and ability to meet the rapidly growing global demand for User-Based Insurance (UBI), that is predicted to reach 93m global policies by 2020.
Octo’s NGP has the ability to 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.
Developed with support from Salesforce, Software AG, SAS and SAP, as well as consulting firms Deloitte and Capgemini, the NGP represents a transformation of the industry’s current software platforms.
Insurers have previously utilized telematics to provide services such as UBI policies, moving forward through the NGP, it will also allow for greater integration of data coming directly from connected cars and enable a growing number of other third-party services such as tolling and traffic information.
The impacts of the platform are being felt now and will be even more so as autonomous cars move onto our roads. 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.