Rikatec Provides many benefits to its users and has shown to significantly impact the following areas:
Decrease Your Insurance Premium
The Rikatec device can be used to monitor the way in which any one car is being driven, using the APP and the driving habits tools. From the analysis of the driving habits determined, an insurance premium can either go up or down depending on the results provided from Rikatec information systems. This would need analytics that detail CO2 omissions, braking, acceleration etc. This would assist insurance companies manage and price their risk while setting competitive premiums and consumer interaction with our APP as they seek to reduce their premiums. The objective here is to report, compare and educate the driver using efficient driving benchmarks; then rewarding them by a reduction in premiums
Monitor Driving Habits
The monitoring of driving habits will be used to ensure that vehicles are driven efficiently to save companies that own fleet vehicles on operational costs. A large reduction on fuel cost can be materialized through the analysis of several parameters within the vehicle’s Electronic Control Unit. From the parameter analyzed a recommendation shall be made to improve fuel consumption.
The monitoring of driving habits can be used for various other things such as calculating wear & tear of the vehicle by monitoring parameters such as the engine stress, acceleration and throttle position. In addition, this information can be used to determine extended warranty claims and pricing.
The use of real life data and storing of the data monitored will enable Rikatec to accurately determine and replay the functionality of a vehicle when incidents such as accidents occur. This will enable insurers to assess who was at fault based on the driving scenario and parameters provided by Rikatec at the time of the incident.
The intention is to have an application, in which a report shall be provided every week on the driving habits. What this does is that it gives the customer something to compare their driving habits with.
Vehicle Use Statistics
Vehicle Wear & Tear
The Rikatec product can give information on vehicle wear & tear. By consistently capturing and analyzing the vehicle data, we can calculate how long the vehicle will last, which parts of the vehicle need replacement and which vehicles in the fleet should be traded-in and when it can be traded in. This information is also valuable to car financing companies when repossessing and refurbishing their vehicles for resale.
Resale Value of Vehicle
Information on the resale value through a depreciation rate from the initial cost price can be determined from the analytics of the way in which the vehicle has been driven, if it has had breakdowns and accidents. The depreciation rate will have to be determined by an algorithm which categorizes the aforementioned, giving the consumer an estimation of the worth of their vehicle if they wanted to trade it in. Lastly, this feature is to utilize and monetize the information and history of the vehicle Rikatec has collected throughout the years.
Saving money on fuel
One of the biggest costs when it comes to the running and maintenance of a vehicle is the cost of fuel, and managing fuel consumption. Rikatec has the ability to collect accurate data directly from your vehicle’s computer. Using this data and our analytics we are able to improve the driving habits of drivers, resulting in less fuel consumption and maximizing on fuel efficiency.
Anticipating and Predicting Breakdowns
Rikatec product and service can detect and predict vehicle breakdowns. This is done by capturing and analyzing the OBDII data captured and sent from the ECU to the database. We can detect what part of the vehicle is at fault and send that information to the nearest help option for assistance in under 5 minutes. The predictive element is enhanced by the Rikatec product’s machine learning capabilities. By assessing trends and lead-on codes, we aim to predict breakdowns by analyzing trends within the data that is continuously sent by the Rikatec device.
When an alert is received at the call centre, the Rikatec consultant will contact the driver and explain exactly what is happening or about to happen to the vehicle. Should a breakdown occur, our service can provide a vast number of help options such as: towing companies and mechanics within your region, providing them with accurate information of what has happened to the vehicle; to support and fix the vehicle.