London-based Octo Telematics has launched a new Internet of Things (IoT) insurance platform with an investment of over $40m for the auto insurance market.
Dubbed Next Generation Platform (NGP), the IoT platform from the telematics and data analytics solutions provider offers open access and smooth integration of any Application Platform Interface (API) and a fully-modular insurance telematics structure.
Through NGP which has been developed as an IOT ecosystem, innovators get the opportunity and ability to cope up with the fast growing demand across the world for User-Based Insurance (UBI).
Octo Telematics CEO Fabio Sbianchi said: “This is an important business investment, continuing the company’s 15-year history as one of the pioneers in the global telematics industry.
“The Next Generation Platform will help us meet the growing demand from our current insurance partners, as well as making new customer acquisition faster, more efficient and open up opportunities for any system integration partners, from budding start-ups to the largest multi-national insurers.”
For all insurance and automotive services, the platform can facilitate complete flexibility when it comes to selecting sensors, analysis and output of data.
It will also pave way for accelerated growth in the international auto insurance market and enable expansion into future adjacent insurance and automotive markets.
Octo Telematics chief operating officer Gianfranco Giannella who led the development of the platform said: “The Next Generation Platform is a truly unique offering, merging the flexibility and openness of a horizontal IoT framework with the go-to-market readiness of vertical-Business Applications.
“Therefore, providing current and prospective partners the best of both worlds and democratizing access to valuable data analytics to drive further innovation of services for the insurance industry.”
According to Octo Telematics, NGP was developed to enhance the potential of both IoT and digital insurance disruption. It would help companies of all sizes with a solution to create an entirely new customer experience for policyholders besides transforming insurance verticals like auto, home, health, pet and on-demand insurance.
Image: Octo Telematics has launched a new IOT insurance platform. Photo: courtesy of andongob/Freedigitalphotos.net.