Risk Assessment and Management

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Improving risk model predictiveness through IoT

A better way to assess policyholder risk

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Insurers have traditionally had no way to observe the true risk posed by an individual policyholder. They have used proxies to estimate and price policyholder risk. Smart devices allow insurers to monitor the behaviors of policyholders and assets and observe risk of loss at a policy level. Through market-ready scores, score development services, and analytical tools, our platform enables insurers to use insurance IoT data to improve their core business function of risk assessment.

Increase model predictiveness

IoT data provides a step-change improvement in risk assessment over traditional factors which are largely proxies for asset risk. Smart device data allows insurers to identify discrete indicators of risk and build models that turn individual behaviors into risk pricing. Our platform includes tools to help you build new risk models and market-ready models you can leverage from day one.

Personalize insurance

Customers want their insurance products personalized to their needs and priced transparently. IoT sensors enable insurers to clearly understand the risk of loss posed by a policy and therefore offer truly individualized insurance products. Personalized feedback on how to reduce risk and insurance premiums lead to increased customer satisfaction and retention.

Gain new risk insights

When combined with policyholder data, insurance IoT data can be used for more than just risk pricing. This rich data set can provide insights into policyholder segmentation, sales and marketing opportunities, new IoT applications, and new risk factors. Our platform provides enterprise-level analytical tools to help insurers discover and share powerful insights.

Risk management suite overview

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Key features


Market-ready scores: Go to market with Octo’s pre-approved auto telematics DriveAbility Score.
Score development services: Develop your own scoring using platform-enabled analytics tools.
Visual analytics: Discover and share powerful insights though visual analytics tools.

Applications


Leverage Octo's DriveAbility Score to bring a new auto insurance telematics product to market in all 50 states.
Develop new IoT-based scoring factors for a connected home insurance product.
Identify prospects for a new connected insurance product within your auto telematics program with advanced analytics.

Learn more about our platform

 
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