Aeris Communications, internet of things (IoT) technology partner for enterprises, has announced the launch of ‘Aeris Asset Assurance Platform’. This is the industry’s first comprehensive asset protection and repossession IoT platform for the auto financing and lending companies as well as enterprises using third party fleet services for their logistics and distribution.
The overall commercial vehicle market has seen robust growth over the past two years – 20% in FY 2018 and 18% in FY 2019 – making India the world’s third-largest and fastest-growing commercial vehicles market, globally. But, the repossession losses for commercial vehicles have been very high. Given the secured nature of lending, asset repossession becomes an essential consideration for financers in the automotive sector.
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On the occasion of the Aeris Asset Assurance Platform launch, Dr Rishi Bhatnagar, President, Aeris India said that “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.”
He further said, “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 & the APAC region. The platform is delivering benefits in 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”.
Aeris has been strategically focusing on the Asian BFSI sector since its inception in India. Working closely with more than a dozen clients in multiple regions as their technology partners, we identified the problem of huge credit defaults on heavy and light commercial vehicles for the financers as a major concern area.
Aeris Asset Assurance Platform is delivering benefits to Aeris clients in India, Indonesia, Vietnam and Africa; helping them in proactive credit default detection, reducing repossession costs related losses, improving business profitability and enhancing service experience with 24×7, multilingual service support by Aeris. The industry-proven, Asset Assurance Platform is now formally launched with a rich suite of features, providing on-demand visibility of moving assets by tracking their location as well as utilization history. In case the asset is reported stolen, the platform can help locate and remotely disable the IoT powered asset and help with its repossession.
The benefits of the solution are — provides a mechanism for proactive credit default detection; improves business profitability by reducing repossession & redeployment cost-related losses; improves customer management and discoverable profile for the portfolio; and prevent the asset from being misused.