Risk-based insurance continues to gain market traction.
Msg global announced on Oct. 13 that their IoT Analyzer software now works with SAP’s Vehicle Insights application to bring a suite of cloud-based IoT services to insurers.
The Vehicle Insights app collects data from connected cars and moving assets. Msg’s IoT Analyzer will take that data and create an accurate picture of driving behavior, and enriches that with third-party data. The results can be shared with SAP applications and non-SAP platforms.
IoT Analyzer – also known as “IoTA” –is available on the SAP HANA platform, and can be run onsite or in the cloud. The goal of the effort is to provide more accurate risk management in the insurance pool, including usage-based insurance, and improved customer experience. Connected car and IoT data can also be used as the basis for loyalty programs, Msg Global stated.
“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,” said Peter Umscheid, CEO of Msg Global, in the announcement.
SAP’s Vehicle Insights app is deployed for fleet management and the company said the partnership with Msg can lead to better risk-based decision-making for insurers.