Octo and SAS partner to drive the production of telematics data insight
Octo Telematics has undersigned a global partnership agreement with SAS, a leader in business analytics software and services, to provide insurers and policyholders with the benefits of unprecedented business insight into telematics data.
The global agreement between Octo and SAS aims to accelerate the intake of telematics into mainstream insurance products and create even further value for insurers and consumers at a time when usage-based insurance products are mature for mass-market adoption.
The two companies will exploit state of the art technology and joint research and development activities to drive the development of new analytics algorithms and services. This means that insurers will receive additional consumer insight, improved customer-relationship management services and more accurate personalised pricing options, along with a more predictable risk database. Consumers, in turn, will enjoy improved and better-priced custom-tailored policies with more advanced safety features and value added services.
“Octo’s success has been built on its ability to understand the needs of insurance companies and consumers,” explains Octo CEO Fabio Sbianchi. “This means conceiving, designing and implementing services that are able to reward good driving behaviour, improve insurance claim management processes, reconstruct accident dynamics and accelerate the claims indemnification process.”
“Octo’s partnership with SAS is a fundamental acceleration of our strategy. Together with SAS, we will build a unique platform that can become a market benchmark for leading insurers and car makers around the globe,” added the Octo CEO.
“Octo’s data-centric DNA, its global leadership, and its vision of leading the Insurance Telematics revolution makes it the perfect partner for us in an industry where SAS is actively present,” explains Marco Icardi, SAS CEE Regional VP. “We are extremely excited to leverage Octo’s award-winning telematics platform to help build a robust telematics programme utilising SAS analytical solutions.”
The global partnership between the two companies reflects an increasingly mature market for new and advanced products. Continuous developments in technology, regulatory changes and the need for differentiation in an increasingly commoditized market have driven usage-based insurance packages to the forefront of the market. In Europe and North America, consumer-awareness of UBI tripled between 2010 and 2013. In the UK, telematics based car insurance sales have increased by over 60% since 2012.
SAS, a leader in business analytics software and services, is the largest independent vendor on the business intelligence market. SAS provides innovative solutions to help customers improve performance and deliver value by making better decisions faster.
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