Octo Telematics 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. There’s an obvious correlation with insurance premiums based on driver score, journey location, times, parking places and driving style here, which the industry could well develop.
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.
Octo say that 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 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.
Last year BMW announced a pilot scheme with IBM, to share the data of some 8 million BMW drivers. The plan is for BMW to offer bolt-on services based on driver profiles, such as car insurance, accommodation etc. VW-Audi also own Here, a telematics company founded by Nokia, which is expected to become a leading edge software application in the development of semi-autonomous vehicles. Here is primarily a geo-mapping tool, and has enhanced street furniture ID features.