SK Rent-a-Car and Samsung Fire & Marine Insurance Combine Vehicle and Insurance Data to Develop Future Mobility Business Models
Press Release
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Advancing data-driven management across the entire vehicle lifecycle… pursuing lower total cost of ownership (TCO) |
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Seeking better profitability and customer experience through accident prevention, more efficient accident handling and risk management |
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Expanding cooperation into future mobility fields including electric vehicles, connected cars and autonomous driving |
SK Rent-a-Car (Co-CEOs: Shin Jeong-ho and Park Sang-wook) announced on the 21st that it will combine vehicle operation data with insurance data together with Samsung Fire & Marine Insurance to enhance the efficiency and safety of vehicle operations and jointly develop new business models in the future mobility sector. To this end, the two companies signed a strategic business cooperation memorandum of understanding (MOU).
The two companies held the signing ceremony on the 20th at Samsung Fire & Marine Insurance's headquarters in Seocho-gu, Seoul, and agreed to combine SK Rent-a-Car's vehicle data and operational know-how with Samsung Fire & Marine Insurance's insurance data and risk management expertise. The ceremony was attended by key officials from both companies, including Lee Sang-dong, Executive Vice President of Samsung Fire & Marine Insurance's Automobile Insurance Division; Oh Il-seok, Vice President of the Mobility Business Team; Kwon Young-jip, Vice President of the Automobile Insurance Strategy Team; Shin Jeong-ho and Park Sang-wook, Co-CEOs of SK Rent-a-Car; and Cho Hee-young, Head of SK Rent-a-Car's Asset Management Office.
The agreement is significant in that it marks a starting point for a rental car company and an insurer to go beyond product and service partnerships and jointly create new mobility business models based on the data and expertise each has accumulated. Through this cooperation, SK Rent-a-Car plans to advance its data-driven vehicle operations and expand its business capabilities from owning and renting vehicles to providing mobility services based on vehicle operation data.
First, the two companies will jointly develop and advance data-driven fleet management services. They will optimize decision-making across the entire vehicle lifecycle, from purchase, operation and maintenance to accidents and disposal, based on data, and explore ways to structurally lower vehicles' total cost of ownership (TCO). The goal is to identify vehicle conditions and operational risks more precisely by leveraging the operation and management data accumulated through channels such as SK Rent-a-Car's comprehensive vehicle management solution 'Smart Link,' together with Samsung Fire & Marine Insurance's risk analysis capabilities.
The companies will also jointly study measures for accident prevention, more efficient accident handling and driver-specific risk management. Through this, they aim to reduce customer inconvenience and vehicle operating losses caused by accidents, while improving both the profitability of the rental car business and the customer experience.
The partners will also pursue new business models in the future mobility sector. In new markets such as electric vehicles, connected cars and autonomous driving, they will jointly research insurance products and services that combine SK Rent-a-Car's vehicle operation capabilities with Samsung Fire & Marine Insurance's risk management capabilities, and review opportunities for cooperation in autonomous vehicle operation and related infrastructure. Going further, they plan to broaden business possibilities into areas such as Fleet-as-a-Service, which provides vehicle operation and management in an integrated package, to expand their roles within the mobility ecosystem.
A Samsung Fire & Marine Insurance official said, "This agreement is meaningful in that it combines the expertise of both companies to explore new business possibilities in the future mobility sector," adding, "Together with SK Rent-a-Car, we will work to discover business models suited to the changing mobility environment and provide customers with safer and more convenient services."
An SK Rent-a-Car official said, "This agreement is an opportunity to combine vehicle operation data with insurance data to raise operational efficiency across the entire vehicle lifecycle, and to connect insurance and risk management to our business competitiveness," adding, "We will improve both profitability and customer experience through data-driven vehicle management, and by discovering new business models in the future mobility sector, we will evolve into a mobility service company built on vehicle operation data."
