- The solution will provide a mechanism for proactive credit default detection
- It will also prevent asset from being misused
Aeris Communications has launched asset protection and repossession IoT platform “Aeris Asset Assurance Platform ” for auto financing and lending companies. It can also be used by enterprises using third party fleet services for their logistics and distribution.
The commercial vehicle market has seen good growth over the past two years with 20 per cent in FY2018 and 18 per cent in FY 2019. But, the repossession losses for commercial vehicles have been very high. Hence, asset repossession has become an important consideration for financers in the automotive sector.
Improve customer management
Dr Rishi Bhatnagar, president, Aeris India said, “It’s no secret that IoT is driving tectonic shifts in the Indian business ecosystem. At Aeris, we have always worked towards expanding the spectrum of IoT adopters. Today, more than 50,000 connected devices from India are managed on Aeris IoT platform. Aeris Asset Assurance Platform has already onboarded and servicing leading OEMS, auto financing, leasing and insurance companies as our clients in India, Africa and the APAC region. The platform is delivering benefits in complete asset protection and repossession to more than a dozen of our clients, proving our capability to deliver comprehensive and distinct IoT solutions for the BFSI sector”.
Proactive credit default detection
The company said that the benefits of the solution are that it will provide a mechanism for proactive credit default detection and improve business profitability by reducing repossession and redeployment cost related losses. It will also improve customer management and discoverable profile for the portfolio and prevent the asset from being misused.