Menu

SMART TRANSPORT FEATURE NEWS

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

SHARE THIS ARTICLE
Related Articles

Upward Mobility: Urban Movement Labs Joins Smart City Venture Studios as New Agency Partner

By: Matthew Vulpis    2/24/2022

The technology developed to create "smart cities" can make communities more effective and efficient in the use of resources, a necessity given the pro…

Read More

Up, Up, and Away - With Your IoT Data?

By: Special Guest    2/4/2021

Times have changed in the amazing world of the Internet of things (IoT). What once was a new and compelling idea has quickly worked its way into the h…

Read More

Semtech Expands LoRa Edge Portfolio with New Solutions

By: Ken Briodagh    11/4/2020

The LoRa Basics Modem-E and LoRa Edge Tracker Reference Design lower development costs and eliminate design complexity for IoT applications

Read More

Bosch Deploys Traffic Video Sensor Tech in Peachtree Corners

By: Ken Briodagh    9/28/2020

Collaboration between the City of Peachtree Corners in Georgia and Bosch Building Technologies is designed to leverage video sensors to manage and ana…

Read More

Trust is Fundamental to Today's Supply Chain

By: Special Guest    9/22/2020

As devices become more connected and mobile, embedding trust in transactions and processes is an essential part of supply chain operations.

Read More