Skip to main content

Octo Telematics Transforms the Insurance Industry with Cloudera’s Machine Learning and Analytics Platform

Cloudera, Inc. announced that Octo Telematics, a global leader in telematics for insurance companies, is introducing innovations for insurance by aggregating 186 billion miles of driving data from connected cars and using Cloudera Enterprise to predict and model driver risk. Utilizing machine learning and analytics on Cloudera Enterprise, the Octo Telematics platform can now deliver actionable insights and risk modeling to over 100 insurance companies worldwide that enables them to transform insurance including pricing, First Notice of Loss (FNOL), and claims insights.

Octo Telematics’ platform, built on Cloudera Enterprise, aggregates over 11 billion new data points from 5.4 million connected cars and sensors daily, creating one of the largest connected-car subscribed installed bases across the globe. Every relevant type of data—contextual data, driving data, behavioral data, and crash data—is utilized to forecast individual driving habits, improve crash notifications and response, evaluate crash dynamics, and detect fraud.

“At Octo Telematics, we are using the power of IoT data analytics to transform the auto insurance industry and essentially be there for people at the moment they need help. With Cloudera, we use IoT and machine learning to drive intelligence and predict outcomes from billions of miles of driving data, and over 438,000 severe crashes from over five million cars – the largest connected-car subscribed installed base in the world,” said Gianfranco Giannella, chief operating officer at Octo Telematics. “With our new Platform-as-a-Solution service offering, cloud is essential to us, but due to regulatory requirements, we also need services on-premises. Cloudera Enterprise natively supports a hybrid environment, so we have the flexibility to run our data where we need to at the lowest total cost. We have a platform for the future.” 

Running data between cloud and on-premise environments with Cloudera Enterprise, Octo is able to store, process and analyze data reflecting over 20 million miles of driving per minute using Apache Spark. The data captured includes many kinds of telematics insights, including location, acceleration, braking, idling, collisions and cornering.

Processed data is then made available to various analytics algorithms that revolve around driver risk scoring models, pricing algorithms, accident reconstruction, claims management, crash alerts and analysis, driver behavior, risk modeling and vehicle health – all of which are essential to improving the financial performance of insurers and outcomes for consumers. By building machine learning models on this massive data set, Octo can now formulate more accurate predictions and risk models for individual drivers. Plus, modelers can test new ideas and techniques two times faster and refine on the fly to produce innovative products and services — using data volumes never before possible.

“Octo Telematics needed the flexibility, agility, and scale to run its machine learning risk models and predictive applications, both in the cloud and on-premise, to meet service level and economic goals,” said Dave Shuman, IoT and manufacturing industry leader at Cloudera. “Using Cloudera Enterprise to replace a bespoke data platform, Octo has been able to increase its capabilities to scale with the explosion of data volumes and analytic workloads. With Cloudera, they have been able to transform the automotive insurance industry, and these capabilities translate into better outcomes for consumers and underwriters.”


Popular posts from this blog

Cloud Computing powering India’s priority of ‘Digital-first country’

By: Sunil Mahale, India MD and VP, Nutanix
Digital transformation has been recognized as being vital to the growth of our nation. This transformation has enjoyed the unanimous approval and contribution from all stake holders including enterprises, MSMEs, government bodies and citizens. But this level of adoption in a country with a population of over a billion people would need a robust technology base that is capable to collecting and distributing vital data seamlessly.
Digital India envisions creating high speed digital highways, that will impact commerce and create a digital footprint for every individual. Technologies based on mobility, analytics, Internet of things and most importantly, cloud technologies are the building blocks for the digital India missionThere is a growing need to manage huge volumes of data, and making them readily available to public through digital cloud services. Cloud has a pivotal role in enabling this change.
While Data centers have become crucial to th…

RevStart launches its RevItUp Incubation Programme

Underlining its vision of creating a nurturing ecosystem for start-ups to grow in, RevStart, a co-working and incubation centre, has announced the launch of its RevItUp Incubation Programme. The 12-week long programme will be held at RevStart Incubation Centre in Noida from July 1, 2018 onwards. As part of the programme, RevStart will select five high potential start-ups from the ed-tech sector, AI, Consumer Internet, Sustainability, as well as for-profit social impact companies to assist them with developing their business, along with connecting them to global mentors across industries and sectors. In addition, start-ups selected for the programme will receive INR 5 lakh to Rs. 25 lakhs worth of cash and benefits, while RevStart will get an equity stake in the ventures.
The RevItUp Incubation Programme has been created to enhance the founding team’s industry, product, and company building knowledge and capabilities through a world-class curriculum. The programme will focus on tailor…

Insurtech startup Kruzr raises $1.3 Million from Saama Capital and Better Capital

InsurTech startup Kruzr has raised 1.3 Million USD (Rs. 9.5 Cr) for its seed round led by Saama Capital with participation from Better Capital. Kruzr is a preventive motor insurance technology which helps insurance companies personalize policy premiums & improve their risk model by delivering an engaging preventative driving assistant to their customers. Kruzr is founded by Pallav Singh, Ayan, and Jasmeet Singh Sethi.

Kruzr blends the power of voice technology and artificial intelligence in its personal driving assistant that helps drivers minimize mobile distractions, drowsy driving, speeding and external risks like weather and accident-prone zones. In pilots with insurers, Kruzr managed to cut down distracted driving by 80%. Kruzr is working with motor insurance companies in Europe, UK and India to bring its technology to their customers to prevent accidents & improve claims.

“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies los…