Octo Telematics partners with RCI Bank for global platform approach to offer customer-centric services
Octo Telematics has signed a global partnership with RCI Bank, wholly owned by Groupe Renault, to offer tailored insurance policies to their customers based on Octo's IOT-enabled next-generation platform (NGP) that was launched in July 2017.
The platform was designed for open and easy access to application platform interfaces (APIs) and features the modular telematics-based insurance architecture through which partners can use any mix of services. The first wave of offerings is built around the more mature set of services related to UBI such as coaching on driving skills and better pricing on insurance premiums powered by telematics data; and fleet services such as dashboards which include driving behavior, geolocalization, and financial data. But with Octo's presence in the mobility sector (Omoove and EasyOpen solution) and the NGP platform, services related to mobility and smart IoT integration with home and connected living services could be the next area of expansion.
All the RCI Bank and Services customers will be offered an option to include devices from Octo that will enable the company to collect data and customize the services based on the driving needs. The companies say this comes as a direct benefit for the customers who have not been a part of connected insurance and can realize discounts which, in turn, has a direct impact on the cost of ownership. This will essentially give traction to the on-demand business models, especially for mobility service providers and fleet companies, where insurance could be custom-made for a trip, number of miles, or given time. Potentially in open platform architecture, insurance companies could bid for a particular trip, and the customers could choose the policy based on the value-adds they receive.
The platform approach could reportedly enable a marketplace of services, such as telematics (diagnostics, maintenance, repair, warranties, roadside assistance, and crash assistance) and connected services (points of interconnection, contextual navigation, retail discounts, and entertainment), and could merge with OEMs' mobility solutions and offer a broad spectrum to the end-users. The element of personalizing these services and bringing the context is done by data collected from the vehicles. RCI Bank with a large customer base and Octo's IoT platform are set to enable a complete IoT experience offering the digital services on a global scale.
OEMs are looking at multiple partnerships at different levels of services, which might be a regional or country level philosophy as it is related to insurance companies. The essence here is that data is not restricted to UBI—OEMs are constantly working with service providers who could put the data in use and create service related to customers, including prognostics and contextual navigation. Every service could have multiple tie-ups and partnerships, while the market place will specifically focus on finding customers for data sets which are anonymized and processed.
Essentially, it is the entire ownership experience and cost of services that impacts the loyalty to the brand. Data on a broader scale will be used as a customer-connect interface to fine-tune and personalize the driving and ownership experience.