Octo Telematics Transforms the Insurance Industry with Cloudera's Machine Learning and Analytics Platform
PALO ALTO, Calif., Feb. 22, 2018 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), the modern platform for machine learning and analytics, optimized for the cloud, 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.
Click to Tweet: #Telematics leader @OctoTelematics transforms auto insurance industry with @Cloudera #machine learning and #analytics: http://bit.ly/2BH3nX6 #IoT
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."
Additional Resources
Customers today are increasingly utilizing Cloudera Enterprise, which integrates with components such as Apache Kudu and Apache Spark to drive real-time processing, machine learning, and analytics on all of their IoT data, including data in motion and data at rest.
-- Check out the new Octo Telematics case study by research firm Ovum
-- Read the Octo Telematics success story on how they are using IoT to
revolutionize the insurance industry
-- Learn more about Cloudera data management platform for IoT
-- Listen to any of our onDemand webinars on IoT:
-- Building a Next Generation Platform for Telematics and IoT presented
by Octo Telematics and Ovum
-- An End-to-End Open Source Architecture for IoT presented jointly
with Red Hat
-- Simplifying Real-Time Architectures for IoT with Apache Kudu
-- IoT-Enabled Predictive Maintenance provided jointly with Tata
Consultancy Services
-- IoT - Data Management Trends, Best Practices & Key Use Cases with
Christian Renaud of 451 Research
About Octo Telematics
Octo is the number 1 global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, Octo is one of the pioneers of the insurance telematics industry. Today, Octo is the largest and most experienced insurance telematics company in the world, transforming auto insurance through behavioral, contextual and driving analytics for more than 100 insurance partners. Octo has more than 5.4 million connected users and the largest global database of telematics data, with over 186 billion miles of driving data collected and 438,000 crashes and insurance events analyzed (as of 31 December 2017). Octo applies proprietary algorithms to this market-leading database to deliver powerful new insights into driver risk, informing solutions that benefit both auto insurance companies and policyholders. The company is headquartered in London, with offices in Boston, Rome, Stuttgart, Madrid, and Sao Paulo. octotelematics.com
About Cloudera
At Cloudera, we believe that data can make what is impossible today, possible tomorrow. We empower people to transform complex data into clear and actionable insights. We are the modern platform for machine learning and analytics optimized for the cloud. The world's largest enterprises trust Cloudera to help solve their most challenging business problems. Learn more at cloudera.com.
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About Cloudera: cloudera.com/more/about.html
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This press release contains forward-looking statements including, among other things, statements regarding the expected performance and benefits of Cloudera's offerings. The words "believe," "may," "will," "plan," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (SEC), including our Form S-1 Registration Statement, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Cloudera assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
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SOURCE Cloudera, Inc.
