Octo Telematics is leveraging the capabilities of real-time weather data from IBM and The Weather Company, the two companies said.
The insurance telematics services provider Octo Telematics is using the weather data as a critical input to its driver behaviour scoring app Octo U.
“Until recently, insurers have had difficulty creating unique profiles on which to offer auto insurance for individuals,” said Fabio Sbianchi, CEO of Octo Telematics.
“By integrating weather data from IBM and The Weather Company with other data streams, we’re able to digest real-time information on road conditions and get a better view of driving habits.”
Octo U is a free mobile app that uses proprietary algorithms to offer personalized pay-as-you-drive – or usage-based-insurance – quotes based on driver behavior. Octo U has currently launched in the UK, Italy and Spain.
Octo U is available as a free download for iPhones, iPads and Android devices on Google Play and Apple app store.
Sbianchi continued to say Octo Telematics already gather, process and store up to 228,000 data points every minute resulting in 191 billion data points analyzed to deliver insights every year.
“Telematics and UBI let insurers move from analyzing aggregated historical information to processing large volumes of near real-time data. Octo U will both use the insights gained from this experience and help the evolution of big data analytics,” said Sbianchi.
IBM said Usage Based Insurance (UBI) telematics solutions are gaining traction in North America and in European markets like Italy and the UK. Telematics technology enables insurers to offer insurance policies that are customized according to the policyholder’s driving patterns and performance.