Octo Telematics and analytics firm SAS will partner to boost property/casualty insurer use of Internet of Thing-related technology. Chisel recently unveiled a product designed to help commercial insurers auto-route and auto-decline submissions.
Octo Telematics, an Italian firm centered around insurance IoT, and North Carolina-based analytics firm SAS will partner globally to boost property/casualty insurer use of Internet of Things-related technology.
As both companies note in their deal announcement, IoT sensors connected to insurable things such as people, vehicles and homes give carriers an opportunity to personalize their coverage and engage customers better. Octo Telematics provides an IoT platform that lets insurers do better at pricing risk, managing claims and engaging customers.
As part of the partnership deal, insurers will be able to analyze their full set of driving and crash data alongside their traditional data directly in Octo’s platform using SAS tools. Plans call for having the combined analytics capabilities of SAS and Octo provide insurers with prebuilt scores, interactive dashboards and smart visualizations as well as a roster of powerful SAS enterprise-level tools with which to build their own.
SAS’ analytics technology, deeply integrated into Octo’s insurance IoT platform, is designed to support the complete data life cycle – from data ingestion, normalization and validation to analysis to model deployment – and will reveal meaningful insights from IoT data regardless of its quantity, type or speed, the companies claim.
Chisel AI, a technology provider for the global insurance industry, has unveiled a product designed to help commercial insurers auto-route and auto-decline submissions.
The new product, named Submission Triage, relies on artificial intelligence to propel the process, and the company pitches it as something that can dramatically extend carriers’ quoting and underwriting capacity without adding staff.
Chisel AI founder and CEO Ron Glozman said in prepared remarks that Submission Triage will boost carrier response rates from 40 percent to nearly 100 percent, and boost their quoting capacity by 50 percent.
Chisel AI said its “purpose-built solution” reads submissions automatically, applying rules to auto-decline or auto-reroute them to the necessary department.
Chisel AI is based in Toronto.
Sources: Octo Telematics, SAS and Chisel AI.