Unlock your automotive data to win—Accenture helps Renault shapeshift auto insurance.

CIOs and data officers must look beyond their organizations toward their wider ecosystem for new sources of value, unleashing the potential of OneEcosystem, just as Renault has in the data-driven deal its financial services subsidiary struck with Accenture to reshape auto insurance in Europe.

Mobilize Financial Services, a subsidiary of Renault Group, is teaming with Accenture to launch data-driven, usage-based insurance in Europe. This partnership is more than an insurance deal—it is a data deal. The deal also blurs industry lines: An automotive original equipment manufacturer (OEM) is offering insurance, harnessing its treasure trove of vehicle, buyer, and telematics data to find new sources of value by partnering with Accenture to reimagine the entire value chain of the customer’s experience of using a car. This is not insurance being reinvented; it’s “may the best data deliver the best customer experience.”

Accenture serves up a new model that will attack the traditional value chain for European automotive manufacturers.

Renault has been considering approaches for commanding a broader share of the vehicle usage value chain. It sold and leased vehicles. It offered financing. It provided maintenance, repair services, and recharge services for electric vehicles. To better encapsulate some of these services, Renault rebranded its financial services arm, RCI Bank and Services, to Mobilize Financial Services in May 2022. This rebranding herald Renault’s shift from an OEM to a mobility services provider catering to the myriad needs of vehicle users.

Renault based its partnership with Accenture on the concept of mobility services. Accenture offers a new vision for auto OEMs, where they are no longer disintermediated from the customer relationship post-sale. Instead, the new model is where OEMs own more of the value chain, offering cars and financing, selling insurance, managing policies, managing claims with the repair business tightly embedded, and co-designing products and pricing with insurers.

For Mobilize Financial Services, Accenture is building out a pan-European platform that handles a range of services from customer acquisition to processing insurance claims in the OEM ecosystem. Accenture is not reinventing the insurance wheel. It enables underwriting the same insurance better and faster, reducing the number of touchpoints and offering newer formats such as usage-based coverage because it has the best data about and from cars, customers, and telematics. The new operating model redefines the OEM value chain as being data led and customer-experience rich.

Committing to outcomes on the confidence of the new model succeeding.

As Accenture helps Mobilize Financial Services build out the mobility services model, it will oversee an end-to-end range of processes and related data. This comprehensive approach allows Accenture to confidently commit to outcomes, with the remuneration model ultimately tied to premiums generated and fulfillment of related financial KPIs.

The Bottom Line: Those with the best data get to take the lead on creating new sources of value across ecosystems.

Renault and Accenture have a ton of work to realize the vision of mobility services. But their vision shows how data shared across ecosystems can redefine traditional value chains and find new sources of value. Another study by HFS highlights the opportunity for data in insurance and how carriers are transforming their business by taking a data-led approach. Renault dares to believe it can succeed because it will have more high-quality data than other OEMs or insurance brokers to meaningfully deliver new forms of value to customers. Traditional insurance carriers don’t go away; they just get pulled through in a redefined value chain. How and if insurers fight back remains to be seen. The best data will increasingly and decisively dictate who leads ecosystems.