Insurance IoT firm Octo Telematics has reached an agreement with software firm SAS to enable insurance carriers effectively price risk, manage claims and engage policyholders.

As per the agreement, SAS’ analytics suite will be integrated with Octo’s insurance IoT platform. The integration will support complete data life cycle starting from data ingestion, normalisation and validation to analysis to model deployment.

After the integration, insurance companies can analyse their full set of driving and crash data together with their traditional data directly in Octo’s platform using SAS tools.

The pooled analytics capabilities of SAS and Octo will give insurers with prebuilt scores, interactive dashboards and smart visualisations as well as an assortment of SAS enterprise-level tools.

Further, availability of traditional and telematics data in a single platform will allow insurance companies to make better decisions and execute them quickly using the real-time insights, the companies said.

Octo Telematics COO Gianfranco Giannella said: “SAS shares our vision for the transformative power of insurance IoT and best-in-class analytics.

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“Together, we are able to analyse huge data volumes and generate actionable insight at speed for insurers and customers.”

SAS vice president of IoT Jason Mann said: “Octo is a pioneer in insurance telematics, and their insurance platform is a great example of how applied analytics combined with IoT can make insurance more profitable and personalised.”