msg global announces that msg IoT Analyzer (IoTA) works with the SAP Vehicle Insights application to deliver a full spectrum of cloud-based IoT services, helping speed loyalty and usage-based insurance (UBI) programs to market.
SAP Vehicle Insights gathers data from connected cars, moving assets and other web-enabled devices. To create an accurate view of end-user driving behavior, msg global’s IoTA enriches the collected IoT data from SAP Vehicle Insights with hundreds of available, financial-product-relevant, third-party data points. The scoring results can be shared with SAP solutions as well as with non-SAP platforms.
IoTA makes custom scoring and individual risk modeling possible with a high level of accuracy and added dimension. msg IoT Analyzer is available on the SAP HANA platform, running on premise or in the cloud, which provides efficient access to in-memory computing for high-speed data collection, storage, processing and analysis.
With increased analytic capability and access to device-collected data, financial institutions can reap benefits from better risk management, a holistic digital customer experience and more accurate scoring to help attract new and retain existing customers and decrease the individual risk exposure. Data collected from connected cars and IoT devices, such as wearables, can be embedded in financial products and services and shared with customers, forming the basis of UBI and loyalty programs. While the applications for msg.IoTA are not limited to financial institutions, msg draws on its experience working with leading global insurers and auto manufacturers to bring UBI and loyalty programs based on IoT data first.
Peter Umscheid, CEO of msg global, added, “The connected car is a powerful, developing reality for insurers. 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.”
“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 SAP’s Industry Business Unit for Insurance. “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.”
For more information please visit www.iot-analyzer.com.