Hackathon 2018: Team Sofico

10 September 2018

The AE Hackathon gives customers and prospects 36 hours to come up with an innovative idea and a minimum viableproduct. The fifth edition of the Hackathon took place in June 2018. In this series, you will meet all the participants.

Team Sofico: going the extra mile

Sofico offers software and expertise for companies working in the area of mobility,car leasing and car finance. The most important product in their service portfolio is Miles, a hybrid contract management system which supports both fleet (b2b) and retail (b2c). Sofico has a partnership with AE and KBC autolease, and with its eight international offices, operates worldwide in more than 20 different countries, with a total fleet of around 1.5 million vehicles.  

Hackathon 2018: Team Sofico

Leasing in 2018: different needs and trends

Car leasing is a balancing exercise with various stakeholders, each with their own challenges and needs. Moreover, these challenges and needs are in constant flux. For example, these days, leasing companies want to have an extensive range of products and still be profitable. Fleet managers, on the other hand, are mainly looking for excellent service at a competitive price, while drivers in turn want comfort and choice within their budget. As a result, traditional leasing solutions are all under fire. 

Recent social trends also have a major impact on the leasing sector. Recent emissions scandals and the increasing focus on environmental awareness prompt businesses to reduce their CO₂emissions for example, while ever more drivers want to have their cars completely personalised. In addition, safety is becoming increasingly important and the current mobility model appears to be reaching its limits - the daily kilometre-long traffic jams are a prime example of this.

Various solutions could provide an answer to these trends. For example, we are seeing the streets become greener, and the transport offering is extending to include electric cars. Drivers themselves are also increasingly returning to ecological modes of transport such as cycling or public transport.

Hackathon 2018: Team Sofico

A modern solution for leasing companies

The changing needs of stakeholders and social trends consequently call for a shift in the current leasing sector. Leasing companies need to transform from suppliers into advisors with integrated services, tailored to a company and its fleet. In order to handle these changes, Sofico presented Miles.NEXT at the Hackathon.

With Miles.NEXT, leasing companies can fully harness a data-driven strategy. It combines the capabilities of Miles Core, the ERP package from Sofico, and the data platform which Sofico developed together with AE. Thanks to this combination, it is possible to collect data from all possible sources in real-time, integrate them and feedback to Miles Core. In addition, Miles.NEXT works with Machine Learning and uses more visual and interactive dashboards to gain insights from the collected data. 

Hackathon 2018: Team Sofico

During the Hackathon, Team Sofico used various techniques, including Random Forest, ClusteringNeural Networks and Miles Core. The team worked specifically on the Hit Ratio (the successrate of quote to contract) and the risk profiling of fleets depending on the type of car. In the short time frame, the team only used data from Miles Core, but in the long run, extensions to open data and telematics data (via connected cars) are clearly possible. This can give rise to various other opportunities and applications that help to meet and solve the challenges and needs of stakeholders in a changing society. 

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