Octo Telematics has invested $40m in an internet of things (IoT) project, dubbed the next generation platform, for the motor insurance sector. The company is working with a number of partners including General Motors and Ford Motor Co on developing software that will allow vehicles to communicate wirelessly with each other through their on-board infotainment systems. The platform, which is operational, could be expanded to include health, home, pet, and on-demand insurance.
Octo Telematics has invested $40m in an internet of things (IoT) project, dubbed the next generation platform, for the motor insurance sector. The multinational aims "to build a complete new customer experience for policyholders" by taking data from its IoT hub and providing real-time analysis to allow car insurers to offer personalised cover. The platform, which is operational, could be expanded to include health, home, pet, and on-demand insurance.