Insurance Telematics Platform
Better insurance through IoT
Addressing critical insurance challenges through IoT
Insurance carriers today are already leveraging the power of IoT to drive improvements in core lines of business. Insurers are augmenting their mature auto telematics programs with forays into IoT for home, health, and workers' compensation insurance. Across all business lines, IoT can help insurers improve their risk management, mitigate claims, improve claim management, and engage customers more effectively.
Improved risk assessment
IoT data enables a step-change improvement in risk assessment over traditional factors. By combining the IoT data and advanced analytical capabilities provided by the platform with traditional factors and claims data, insurers can create new risk assessment models that are far more predictive than traditional models.
Enhanced claims management
Insurance IoT is critical for improving claims outcomes. Near-real-time data processing enables claims event detection and proactive first notice of loss while advanced analytics allow for event reconstruction and fraud prevention. IoT data changes the claims paradigm, drives down costs, and improves customer satisfaction.
Better customer engagement
IoT data provides unprecedented insight into consumer behaviors. With the right tools, insurers can leverage these insights to offer truly individualized products that stand out in the market. Powerful, behavior-based engagement tools allow insurers to create personalized interactions that lead to higher retention.
The complexity of increasingly connected insurance
Each new connected insurance product and connected line of business adds new sensors, new applications, and new processes that carriers need to support. Outsourced IoT point solutions can add additional complexity and missed value as critical steps in the process such as data collection, analytics, and logistics are managed by the vendor.
The challenges of a business-line approach to connected insurance
Fragmented customer data
Point solutions and business-line specific IoT strategy leads to data silos both within lines of business and between lines of business, minimizing cross-vertical benefits.
Higher IT costs
Point solutions lead to the creation of additional teams to support connected insurance products within lines of business, leading to missed process and logistics efficiencies.
Siloed insurance IoT strategy
Line of business-level connected insurance strategy restricts opportunities for cross-business line pricing, claims management, and customer engagement.
Process & logistics inefficiencies
Each IoT source must be integrated into core systems as it is selected, leading to increased integration costs and increasing the cost of vendor switching.
Data, product strategy, and process silos lock IoT data into individual lines of business, restricting cross-business line pricing, claims, and customer engagement innovations.
Insurance IoT platform overview
Octo’s insurance IoT platform is custom built to help insurers effectively leverage IoT data across business lines. It blends the benefits of an end-to-end IoT platform with dedicated vertical use cases that span the complete insurance value chain. This unique approach is how we deliver solutions that are transforming the insurance industry.
Insurance IoT Platform
Event management suite
Improve claims outcomes, real-time event management services, and customer satisfaction through business-line specific event detection and management applications.
Risk management suite
Improve risk assessment capabilities with pre-built business-line specific risk scores.
Digital customer management suite
Improve relationships with partners, agents, and policyholders using behavior-based engagement tools.
Platform and analytics development engine
Enables custom application and analytics development as well as pre-built 3rd-party integrations for platform extensibility.
Device management system
Facilitates the effective management of IoT sensors across vendors and lines of business.
IoT and data management hub
Enables the ingestion, storage, and near-real-time processing of sensor-agnostic IoT data across lines of business.
|Data Provider||Insurance IoT Platform||Value Consumer|
Built for the cloud, Octo's platform provides the flexibility, scalability, security, and efficiency you need for an enterprise-level solution, without the infrastructure cost.
Each module can be leveraged individually or as part of the comprehensive platform, allowing you to leverage your in-house solutions or Octo's as needed.
Our partner ecosystem, APIs, and platform development tools allow you to extend the value of the platform as you explore new use cases and connect new lines of business.
Our platform provides the power of a horizontal IoT solution and the insurance-specific applications needed to improve risk assessment, manage claims, and engage policyholders.
New IoT-based products and connected lines of business add complexity to your device strategy. Octo's platform is fully device-agnostic, allowing us to ingest data from any source.
Learn more about our platform
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