The Story at a Glance
The Challenge
Flexcar struggled to efficiently manage risk in a complex auto leasing industry. They faced high risk rates, asset loss, data integration challenges, and lengthy consensus-building phases that delayed improvements.
The Outcome
With Oscilar, Flexcar was able to significantly reduce risk rates and enhance operational efficiency through tailored, rapidly deployable risk management solutions, reducing their lost assets to zero.
The Oscilar Impact
The Full Story
The Challenge
Flexcar suffered from lost assets and a non-traditional risk management framework for their industry.
Prior to the partnership, Flexcar was dealing with the complexities of risk management outside the traditional banking environment. The lack of a straightforward, impactful risk management framework meant extended periods devoted to educational and consensus-building processes before any real implementation could begin.
In particular, they struggled with:
The SOLUTION
A tailored risk solution that allowed for rapid risk model development and deployment.
Oscilar provided Flexcar with a tailored risk management platform that addressed their specific challenges in handling complex risk scenarios outside of traditional banking frameworks. The solution facilitated rapid deployment, enabling quick transitions from theoretical risk assessment to actionable strategies.
This not only helped in significantly reducing risk rates but also enhanced Flexcar’s operational efficiency by shortening the lengthy processes of risk education and implementation. Additionally, the platform integrated multiple data points, which improved Flexcar’s ability to make data-driven decisions and respond more agilely to emerging risks.
Key components of the solution included:
Together, these features of Oscilar's platform not only addressed Flexcar's immediate needs in risk reduction and operational agility but also laid the foundation for ongoing improvements and innovations in their risk management practices. This solution enabled Flexcar to maintain a competitive edge by managing risks more effectively and responding more rapidly to changes in the marketplace.
The Outcome
The adoption of Oscilar’s tailored risk management platform significantly enhanced Flexcar's operations, resulting in substantial improvements across various aspects of their business.
There was a dramatic decrease in average risk rates, from 10% to 5%. Subprime risk rates went down from 13%, which was near the industry average, to an impressive 6%, illustrating the effectiveness of Oscilar’s AI Risk Decisioning Platform. With Oscilar, Flexcar was able to reduce their vehicle misplacement cases down to zero, a significant milestone that impacted their ROI, as each stolen vehicle costs thousands of dollars.
Operational efficiency saw a major boost as the integration of the platform cut down the time from risk education to implementation from several months to mere weeks. This allowed Flexcar to respond swiftly to emerging challenges, thereby optimizing their operational agility.
The platform also facilitated advanced data integration, enabling Flexcar to make informed, data-driven decisions that further fine-tuned their risk management processes. Another notable outcome was the significant reduction in asset loss, with the count of unaccounted vehicles dropping to zero, effectively mitigating operational risks and financial losses.
Finally, Oscilar's solution provided scalable risk management capabilities that adapted as Flexcar grew, ensuring that their risk management efforts evolved in line with their expanding operational needs.
Flexcar's collaboration with Oscilar has revolutionized their approach to risk management, establishing a new benchmark in the auto leasing industry for integrating technology into operational processes. Looking forward, Flexcar is excited to expand this partnership, exploring further innovative solutions that Oscilar can bring to other aspects of their business.
