SK Rent-a-Car, Samsung Fire & Marine Insurance Combine Data to Explore Future Mobility Business Models

Enhance Data-Driven Management Across the Entire Vehicle Lifecycle
Expand Collaboration in Electric Vehicles, Connected Cars and Autonomous Driving

SK Rent-a-Car will combine vehicle operation data with insurance data from Samsung Fire & Marine Insurance to jointly develop new business models in the future mobility sector.

SK Rent-a-Car announced on October 21 that it had signed a strategic business cooperation agreement with Samsung Fire & Marine Insurance to combine its vehicle data and operational know-how with the insurer's insurance data and risk management expertise.

Key representatives from both companies attended the signing ceremony on October 20, including Lee Sangdong, vice president of Samsung Fire & Marine Insurance's auto insurance division; Oh Ilseok, managing director of its Mobility Business Team; Kwon Youngjip, managing director of its Auto Insurance Strategy Team; SK Rent-a-Car co-CEOs Shin Jungho and Park Sangwook; and Cho Heeyoung, head of SK Rent-a-Car's Asset Management Office.

SK Rent-a-Car and Samsung Fire & Marine Insurance signed an MOU on the 20th at Samsung Fire & Marine Insurance's headquarters in Seocho-gu, Seoul, to collaborate on future mobility businesses. From left, SK Rent-a-Car CEO Park Sangwook, SK Rent-a-Car CEO Shin Jeongho, and Lee Sangdong, vice president of Samsung Fire & Marine Insurance's auto insurance division, pose for a commemorative photo. SK Rent-a-Car

The agreement is significant as a starting point for a rental car operator and an insurer to go beyond product and service partnerships and jointly create new mobility business models based on the data and expertise each has accumulated.

Through this collaboration, SK Rent-a-Car plans to enhance data-driven vehicle operations and expand its business capabilities from owning and renting vehicles to providing mobility services based on vehicle operations data.

First, the two companies will jointly develop and enhance data-driven fleet management services. They will explore ways to optimize decisions across the entire vehicle lifecycle, from purchase, operation, maintenance and accidents to sale, using data, and to structurally lower total cost of ownership (TCO). Their goal is to gain a more precise understanding of vehicle condition and operational risks by drawing on Samsung Fire & Marine Insurance's risk analysis capabilities and vehicle operation and management data accumulated through SK Rent-a-Car's comprehensive vehicle management solutions, including Smart Link.

They will also jointly study accident prevention, more efficient accident handling, and risk management measures tailored to individual drivers. The companies aim to reduce customer inconvenience and vehicle operating losses caused by accidents while improving the profitability of the rental car business and the customer experience.

The companies will also pursue new business models in the future mobility sector. They will jointly study insurance products and services that combine SK Rent-a-Car's vehicle operations capabilities with Samsung Fire & Marine Insurance's risk management expertise in emerging markets such as electric vehicles, connected cars and autonomous driving, and explore opportunities to collaborate in autonomous vehicle operations and related infrastructure. They also plan to expand their role in the mobility ecosystem by broadening business opportunities in areas such as Fleet-as-a-Service, which integrates vehicle operations and management.

An SK Rent-a-Car representative said, "This agreement is an opportunity to combine vehicle operation data with insurance data to improve operational efficiency throughout the vehicle lifecycle and turn insurance and risk management into business strengths. We will use data-driven vehicle management to improve profitability and the customer experience, and evolve into a mobility services company based on vehicle operations data by developing new business models in the future mobility sector."

This content was produced with the assistance of AI translation services.