Volvo chooses FICO
Volvo Cars has selected FICO® Decision Modeler ( www.fico.com/en/products/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,” says Steve Hadaway, vice president and general manager for FICO in Europe, the Middle East and Africa.