Octo will provide global vehicle telematics data analysis to Renault’s global finance company
Octo Telematics announced on March 20, 2018 that it has undersigned a global partnership with RCI Bank and Services, Renault’s Global Finance Company. Octo will provide telematics services and advanced big data analytics to allow the Renault Group to enhance the driving experience of its customers worldwide.
The Global Partnership
The automotive industry is looking to develop stronger relationships with their clients. The objective is to forge relationships that will last for the entire lifetime of a vehicle, strengthen brand loyalty, and retain customers for life. In this context, Octo’s data analysis services will allow RCI Bank and Services to deliver a custom-tailored experience to every individual Renault client, along with a complete set of added value services (including rewards for good driving behaviour).
RCI Bank and Services will provide its customers with the option of fitting their vehicles with an Octo telematics device, while Octo will use its market-leading big data analytics to develop a complete profile of each driver and vehicle. The profile will include driver scoring, an ongoing assessment of each motorist’s unique driving style and the continuous monitoring of vehicle conditions. This will allow RCI Bank and Services to provide made-to-measure services based on each driver’s specific profile.
Based on each driver’s score, RCI Bank and Services and Octo will also offer coaching on driving skills and improved pricing for insurance premiums based on the usage-based insurance (UBI) model. Moreover, RCI Bank and Services will provide its B2B clients with a complete fleet management dashboard to monitor vehicles, driver behaviour, geo-localisation and financial data.
RCI Bank and Services customers in Italy, Spain, the United Kingdom, Brazil and Turkey will receive devices by the end of 2018.
Next Generation Platform
Data will be collected and analysed by Octo’s IOT-enabled Next Generation Platform (NGP) to collect and analyse data. The NGP, which is custom-tailored with the best industry telematics software, provides seamless integration of any API and a fully-modular insurance telematics structure.
A key component of the NGP is its ability to deliver multi-dimensional analytics and real-time data services. Octo and SAS have delivered new risk scoring services that leverages on Octo’s big data, IT infrastructure and external data, to transform insurance business processes. The NGP transforms big data analytics into actionable, flexible intelligence and risk analysis for all insurance verticals.
The NGP Platform was developed with support from Salesforce, Software AG, SAS and SAP, as well as consulting firms Deloitte and Capgemini.
Fabio Sbianchi, CEO, Octo Telematics said: “The value of data is well understood across a range of industries, especially as consumers look to receive a tailor-made and unique service, no matter what the product. Insurers are already using telematics data and big data analytics tools to understand their customers as individuals and provide bespoke insurance policies. We’re very pleased to be working with RCI Bank and Services to help them get to know their drivers better and develop a close and rewarding, mutually-beneficial relationship with them. The automotive industry is following other sectors by adopting technology in its customer service and this partnership is a great step forward.”
Gianluca de Ficchy, CEO, RCI Bank and Services pointed out how “Octo’s technology will help RCI Bank and Services to deliver a seamless vehicle user experience for the Alliance brands private and fleet customers through innovative connected and personalized service.”