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Insurers Benefit from Data Collection and Analytics from IoT

By Ken Briodagh October 13, 2016

In a recent announcement, insurance and banking technology developer msg global has said that its msg IoT Analyzer (IoTA) is now compatible with the SAP Vehicle Insights application, so that insurance clients can use cloud-based IoT services to enhance loyalty and usage-based insurance programs.

SAP Vehicle Insights is designed to gather data from connected cars, moving assets and other Web-enabled devices, and now the IoTA will enhance that data with hundreds of available, financial-product-relevant, third-party data points and analyze it all to derive actionable intelligence. The resulting scores can be shared with SAP solutions as well as with non-SAP platforms.

“Since it is based on SAP HANA Cloud Platform, SAP Vehicle Insights has already shown a powerful ability to collect data from multiple vehicle sensors – useful in different use cases in fleet management,” said Bob Cummings, head of Industry Business Unit for Insurance, SAP. “Marrying this with the risk-modeling capability of the msg IoT Analyzer can help yield an even greater opportunity to make risk-based decisions and impact the bottom line for insurers.”

This expected increase in analytics accuracy and access to data should allow financial institutions and insurers to make better, more informed risk management decisions, while attracting new and retaining existing customers thanks to decreased individual risk exposure.

“The connected car is a powerful, developing reality for insurers,” said Peter Umscheid, CEO, msg global. “But it's only the beginning. The future we envision includes collecting, measuring and sharing data with customers about their own environments, their behavior and their health. Information provided by msg.IoTA can help individuals — be they customers of banks, insurance companies or even auto manufacturers — manage their own risks and reap rewards. This kind of insight is an essential element in the customer-focused digital and non-digital future.”




Edited by Alicia Young

Editorial Director

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