LONDON--(BUSINESS WIRE)--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.
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 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.”
Gianluca de Ficchy CEO, RCI Bank and Services said: “Octo’s technology will help RCI Bank and Services to deliver a seamless vehicle use experience for the Alliance brands private and fleet customers through innovative, connected and personalized services. Thanks to the use of data provided by the vehicle we will have a better understanding of driver behavior and a better monitoring of corporate fleets. This will enable us to provide our customers with tailored services and insurances.”
The partnership agreement was signed in March 2018. RCI Bank and Services Customers in Italy, Spain, the UK, Brazil, Turkey will be able to receive devices by the end of 2018.
Notes to editors
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. http://www.octotelematics.com/
About RCI Banque S.A.
Created and wholly owned by Groupe Renault, RCI Banque S.A. is a French bank specializing in automotive financings and services for the customers and dealership networks of Groupe Renault (Renault, Renault Samsung Motors and Dacia) worldwide, the Nissan Group (Nissan, Infiniti and Datsun) mainly in Europe, Brazil, Argentina and South Korea and through joint ventures in Russia and India, and Mitsubishi Motors in the Netherlands. RCI Bank and Services has been the new commercial identity of RCI Banque S.A. since February 2016.
With nearly 3,400 employees in 36 countries, RCI Bank and Services financed over 1.77 million contracts (for new and used vehicles) in 2017 and sold more than 4.4 million services. At end-December 2017, average performing assets stood at €39.6 billion of financings and pre-tax income at €1,077 million. RCI Bank and Services has rolled out a deposits collection business in four countries since 2012. At end-December 2017, net collected deposits totaled €14.9 billion, or 34% of the company's assets.
Find out more about RCI Bank and Services: www.rcibs.com