Volvo Cars has selected FICO® Decision Modeler to immediately onboard customers to its new Care by Volvo service. The move demonstrates the increasing adoption of advanced decision management technology in the auto finance industry.
Care by Volvo is a vehicle subscription service designed to let customers enjoy the benefits of a new Volvo, without the challenges of owning one. For a fixed monthly fee, Volvo provides subscribers with a brand-new Volvo and covers all regular service, maintenance costs and breakdown cover. The service was introduced to reflect the shift in consumer preference toward car usage and away from absolute ownership.
Initially, Volvo used manual, online credit reference checks to onboard new customers to Care by Volvo. Although sufficient for the pilot launch of the service in Germany, this process could not scale as Volvo rolls out Care by Volvo across Europe, and North America.
Volvo’s decision to use FICO® Decision Modeler stemmed from a few factors: FICO’s ability to support a global roll out for Care by Volvo, FICO’s deep understanding of the automotive market, and the established reputation of FICO® Decision Modeler as an industry-leading decision management solution.
“FICO is proud to help Volvo usher in an innovative vehicle subscription plan that could become the preferred option for drivers around the world,” said Steve Hadaway, vice president and general manager for FICO in Europe, the Middle East and Africa.
FICO® Decision Modeler brings the power of FICO® Blaze Advisor® Decision Rules Management System to the cloud. Users can now use business terms, not programming, to create decision rules and publish the rule sets as decision services or applications. FICO Decision Modeler is part of the FICO® Decision Management Suite, an integrated set of tools for building and deploying analytics applications on the FICO® Decision Management Platform.
About FICO: FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. http://www.fico.com