Earlier this week, Jonathan Hewett, CMO at Octo Telematics gave a presentation on how insurance telematics is a proof point for the Internet of Things. The keynote presentation took place at the annual Smart IoT event in London’s ExCel centre.
[easy-tweet tweet=”Telematics has been transforming auto insurance in recent years through behavioural and contextual #analytics”]
Octo Telematics is currently at the centre of a global IoT revolution and so this event is the ideal platform to discuss the issues at hand and its impact on businesses. Telematics has been transforming auto insurance in recent years through behavioural, contextual and driving analytics. Octo Telematics now collects over 320,000 data points per minute through advanced driver technology. This comprehensive set of real-time driving data is then processed into actionable insights and intelligence which enables insurers to carry out their mission critical processes such as pricing, crash and claims management and developing their customer relationships.
However as devices begin to communicate with each other leveraging the Internet of Things or IoT), the telematics market is set to explode beyond the automotive sector as we begin to collect more and more data about our lives. Insurers already know the benefits of monitoring the data from smoke detectors and similar devices, but this is only the surface of the potential for increasingly individualised policies
Insurance, then, is a market poised to benefit from IOT. As new sources of data about the people and things we are insuring become available, insurers gain new opportunities to identify and manage risk. In many cases, consumers can be incentivised to play an active part by sharing data and, based on the insights from that data, modify their behaviour to reduce risk. It’s a fantastic model for the insurance industry, one that offers greater transparency and value for all stakeholders.
The SMART IoT London conference, was held on April 12-13th 2016, and has been established to help businesses unlock the potential of the Internet of Things. The two day conference is focused on understanding the business opportunities enabled by smart products and new ecosystems.
[easy-tweet tweet=”Visitors to SMART IoT London can gain the latest insights from #IoT thought-leaders and visionaries.”]
SMART IoT London is an annual conference that attracts over 20,000 professionals making it the largest gathering of IoT expertise in the world. Visitors can gain the latest insights from IoT thought-leaders, practitioners and visionaries.