Using AI risk insights to manage vehicle subscriptions
As the landscape of vehicle ownership shifts, through leasing, subscriptions, and evolving mobility models, so too must the strategies used to manage and price risk. Traditional risk management tools are no longer enough. In their place, AI-powered insights are opening new opportunities that not only enhance business operations, but also prioritize customer safety and sustainability.
Protecting your subscription company’s assets
When your company’s greatest assets are its vehicles, it’s critically important to ensure those vehicles are looked after. Damage to your vehicles equals expense, not just in repairs, but in insurance costs and lower resale values. That’s why preventing damage is so important, and why it’s so valuable to identify the customers most and least likely to cause you problems.
AI provides insights into risk level for each user across your customer base, enabling you to make smart decisions that help your company grow while keeping risk under control.
Risk measurement as a management tool
By measuring risk, you can turn insights into action. Using risk intelligence that ranks your customers from highest to lowest risk, you can:
- Tailor pricing to match actual risk levels
- Deliver personalized, motivational communication to customers
- Base upgrades and renewals on safety profiles
- Identify high-risk users for potential contract review
- Share performance data with insurers to inform pricing
Risk shouldn’t be an unknown or unpredictable factor. When it’s measurable, you can make more informed decisions about how and to whom your vehicles are assigned, and at what cost.
A stand-out approach for informed action
AI risk intelligence into crash probability works by measuring the driver influence on risk level, exclusive of external factors. This empowers you to take greater control of your company’s assets by identifying your biggest risks.
With AI, your risk management approach becomes:
- Predictive – Risk can be anticipated based on behavioral patterns, not just observed after incidents.
- Agnostic – Insights aren’t tied to a specific telematics system, geography, or vehicle model.
- Comparable – Risk scores can be benchmarked across different drivers, locations, or fleets.
- Actionable – Organizations can clearly see specific behaviors driving higher risk, and help customers to change them.
These characteristics enable you to take a more consistent, data-driven approach to risk management in your subscription company, even at scale.
Using AI to elevate your sustainability strategy
Today, organizations are under increasing pressure to operate sustainably, and, for vehicle subscription and leasing companies, that might include a legal obligation to report on emissions. Even if your company does not fall under ESG reporting legislation, it’s likely that your company wants to be transparent about its emissions data and carbon reduction targets, to meet demands of partners, customers, and other stakeholders.
AI makes it easy to measure and report from an environmental perspective by calculating total emissions across your customer base, down to individual vehicle level, as well as the driver influence on climate impact. This helps identify where improvements can be made and helps your company keep track of progress made.
Rapid deployment, greater control
One of the most compelling aspects of AI is how quickly it can be deployed. With a minimal input of GPS data, your subscription company can start accessing new risk insights almost immediately. AI models trained on 20+ years of real-world driving data can identify behavioral patterns and translate them into meaningful KPIs aligned with your business goals.
In terms of day-to-day management, all your vehicles are typically grouped into “risk buckets,” making it easy to visualize where risk is concentrated and where priority action is required.
You can access your new risk insights via a dedicated platform or have them seamlessly integrated into a current or new solution. Products can also be specifically created for your needs, such as communication tools or a customer app.
Your role in the future of safer, smarter mobility
As you’re already aware, mobility is changing. And, as vehicle usage becomes more flexible, the way that risk is managed must evolve. With AI insights for your subscription or leasing company, you can take greater control of risk within your organization, helping you to manage costs as your company grows.
But it’s about more than that. Keeping risk under control helps to contribute to safer roads, and more sustainable mobility. By embracing AI insights into driver risk and climate impact, you become part of a movement. A movement towards a future in which vehicles and people move more safely, with less negative impact on the planet.
Learn more about utilizing AI risk intelligence to control risk in your subscription company.
