October 18, 2022
Platform based on anonymised data enabling used car dealers to better anticipate repair and reconditioning costs and adjust the resale price.
For several decades, through its unique partnership-based business model, BNP Paribas Cardif has been working with the world’s largest car manufacturers and supporting them in their strategies so that they are always able to better serve their customers. This includes insurance solutions (loan insurance, extended warranties, etc.) and additional services to protect drivers and their vehicles, improve policyholder satisfaction and generate regular contact points between car manufacturers and their customers.
Through Icare, its subsidiary specialising in extended warranty and car maintenance contracts, BNP Paribas Cardif wishes to promote the circular economy in the automotive sector and is therefore deploying several solutions in the used car market.
The second-hand vehicle market is sometimes difficult to understand for all players, both professionals and individuals.
As an insurer, Icare collects anonymised data on claims and contracts which enables it to develop services based on its data and expertise. With a view to stimulating and simplifying this market, Icare has designed the Easicare application, a service for second-hand car dealers, which provides them with useful information when selling a vehicle to a private individual.
Launched in 2020 and available on the Myicare dealer portal, Easicare acts as a reliability index for used vehicles by providing all information required for decision-making and vehicle preparation in a single tool. The app prompts the entry of six criteria for quick and easy targeting of a type of vehicle (model, make, year of registration, etc.) and then displays various indicators such as breakdown frequency score, average cost per repair or components that break down most frequently. Easicare can thus inform dealers of potential future failures. This service enables them to assess the costs of reconditioning and adjust the resale price.
In addition, dealers have access to:
• the market price of the vehicle in the brand’s network and in the professional network,
• the average number of days of sales turnover,
• information on the history of the vehicle (number of accidents or owners, imports, etc.),
• information on the vehicle’s maintenance plan (car manufacturers’ plans according to mileage, main wearing parts
per mileage bracket, etc.).