Octo Telematics (Octo), the number one global provider of telematics for the auto insurance industry, has announced that it has entered into a global partnership with RCI Bank and Services, the finance company from Groupe Renault to provide its telematics services and advanced big data analytics to enhance the driving experience of drivers worldwide.
As part of its sales process, RCI Bank and Services will offer customers the option to include an Octo device in their car to make their vehicle uniquely tailored to them and their driving style. Octo will use its market-leading big data analytics to develop a complete profile of each driver and vehicle. This profile will include a driving score which measures each motorist’s unique style, as well as monitoring the condition of the vehicle. This will allow RCI Bank and Services to provide made-to-measure services based on each driver’s driving profile. The gathering and analysis of data will take place on Octo’s IOT-enabled Next Generation Platform (NGP), which was developed with support from Salesforce, Software AG, SAS and SAP, as well as consulting firms Deloitte and Capgemini.
The automotive industry is undergoing a shift in perception, with manufacturers looking to develop more relevant relationships with their clients throughout the lifetime of each vehicle and build brand loyalty and make customers a ‘customer for life’. RCI Bank and Services will use the data provided by Octo to deliver a bespoke experience to each customer, and a complete set of vehicle usage base services including rewards for good driving behavior. Based on the driver score, RCI Bank and Services and Octo will also be able to offer coaching on driving skills, as well as improved pricing on insurance premiums based on the usage-based insurance (UBI) model powered by telematics data. RCI Bank and Services will also be able to offer complete fleet management dashboards to B2B customers gathering both vehicle, driving behavior, geolocalisation and financial data.
“The value of data is well understood across a range of industries, especially as consumers look to receive a tailormade and unique service, no matter 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 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,” said Fabio Sbianchi, CEO, Octo Telematics.