Renault agrees deal to analyse telematics data for consumer benefit
20 March 2018
20 March 2018
The financial arm of French manufacturer Renault, RCI Bank, has entered into a partnership with Octo Telematics to have data analytics provided for enhancing the experience of drivers.
Manufacturers are increasingly using telematics in vehicles to monitor driver experiences for various needs, including giving them the ability to offer more services. 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 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’.
In a statement, Renault says 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 behaviour.’ 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 behaviour, geolocalisation and financial data.
Fabio Sbianchi, CEO of Octo Telematics, comments: ′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 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.’
The partnership agreement was signed in March 2018. RCI Bank and Services Customers in Italy, Spain, the UK, Brazil, and Turkey will be able to receive devices by the end of 2018.
The issue of data access, and who owns it, has thrown up many debates in the automotive industry. The British Vehicle Rental and Leasing Association (BVRLA) last year announced the results of a survey, in which 70% of BVRLA members and fleet managers believe that vehicle manufacturers must provide vehicle data, with 86% saying that they should not have to pay for it.
Nearly 80% of respondents said they were concerned that vehicle manufacturers would restrict access to telematics data to further their own business goals.