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Description
OSeven Single Member Private company‘s expertise and services lies within the fields of Road Safety, Driving Behaviour Modelling, Transportation engineering, statistics, Big Data, Data Science and Machine Learning.
O7 Fintech is a R&D project. It consists in the development of a novel B2B2C platform, which will digitise and optimise all financial aspects of the vehicle''s lifecycle, enabling dynamic pricing of leasing and financing products based on driving behaviour scoring.
With this novel fintech proposition, OSeven aims at becoming the first telematics provider that will enter the vehicle financing and leasing segments, gain first-mover advantage and achieve substantial revenues and growth. The project will permit the promoter to expand its business to new market verticals, and thus new customers and markets. O7 Fintech is estimated to have a high socio-economical value, as it will lead to the creation of new jobs, financial benefits for customers and end-users, and lastly, it will encourages safe and eco-friendly driving.
The project will result in increased revenues and competitiveness of OSeven Single Member Private Company in Greece.
Summary of project results
Road safety remains a very important problem with an ever-increased number of car crashes occurring every year. 95% of crashes are due to human error, to the behaviour of the drivers. Thus in order to improve road safety, it is paramount to improve driving behaviour. Telematics is a tool which analyses driving behaviour and can thus contribute to a reduction of crashes by improving driving behaviour, and as a result decrease fuel consumption and CO2 emissions. Moreover, telematics contributes to the EU, UN and World Health Organisation goals of reducing fatalities and injuries in road accidents by at least 50% by 2030. This project and the O7 solution which was developed, grew from this need to incentivise safe and eco driving.
The project consisted in developing an app which would connect driving behaviour analysis and personalised financial services, for insurance companies, financial institutions and leasing companies. The O7 solution/platform has 4 innovative features: vehicle inspection, severe crash detection, dynamic pricing algorithms (to estimate the monthly cost for vehicle financing or leasing in relation to the user''s driving behaviour), first notice of loss (a fully digitised procedure to report a claim), and vehicle performance certificate (the certificate will be based on a scoring model correlating safe driving behaviour with how well the vehicle has been driven).
The main activities which were carried out consisted in making an analysis of the functional requirements and specifications of the platform, developing the algorithms and optimising the cloud infrastructure, refining the software interface, and testing the platform with the end-users.
The O7Fintech financial technology platform provides services through the complete lifetime of the vehicle, enabling dynamic pricing of leasing and financing products based on driving behaviour scoring, as well as automation and digitisation of existing paperwork processes. It facilitates lower and better vehicle financing terms for safe and eco-friendly drivers and a seamless user experience, generating substantial benefits for all parties as well as fewer road fatalities / injuries and lower CO2 emissions.
The project will result in an increase in the promoter''s competitiveness and growth, and it will enable it to expand and establish its presence in more customer segments (besides insurance). It will also have societal and environmental benefits.