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Developing a scalable data platform to support evolving IoT-based insurance propositions | OpenGovAsia

The resulting NGP enables Octo Telematics to store, process, and analyse data generated by over 5.3 million drivers totaling 175 billion driven miles, and that increases by over 11 billion additional data points daily. It also allows for complete flexibility in the selection of sensors, analysis and output of data for all insurance and automotive services.

Telematics has transformed the vehicle insurance industry over the past few years. Insurers are increasingly offering usage-based insurance (UBI) products, based on the data gathered from GPS-connected telematics devices.

Now, developments in Internet of Things (IoT) technology present a further opportunity for insurers to move beyond connected vehicles and offer new insurance propositions in the home, commercial property, life, and other insurance lines. IoT can connect insurers to the assets they are insuring, whether that is a vehicle, a property, or a person. This allows insurers to understand the exact status of any insured items and potentially take action in response to an abnormal situation, such as detecting a fire, a vehicle collision, or an abnormal heartbeat.

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