Internet of things (IoT) technology provider Aeris Communications on Thursday announced the launch of ‘Aeris Asset Assurance Platform’, an industry first asset protection and repossession IoT platform for the auto financing and lending companies as well as enterprises using third party fleet services for their logistics and distribution.
Given the secured nature of lending, asset repossession becomes an important consideration for financing companies in the automotive sector. The Asset Assurance Platform will provide on-demand visibility of moving assets by tracking their location as well as utilization history. In case the asset is reported stolen, the platform can help locate and remotely disable the IoT powered asset and help with its repossession.
Dr Rishi Bhatnagar, President, Aeris India said, “ Today, more than 50,000 connected devices from India are managed on Aeris IoT platform. Aeris Asset Assurance Platform has already onboarded and servicing leading OEMS, auto financing, leasing and insurance companies as our clients in India, Africa & the APAC region. The platform is delivering benefits in complete asset protection and repossession to more than a dozen of our clients, proving our capability to deliver comprehensive and distinct IoT solutions for the BFSI sector”.
Bhatnagar added that a majority company’s employee base and 50% of research and development workforce is based out of India. The overall commercial vehicle market has seen robust growth over the past two years – 20% in FY 2018 and 18% in FY 2019 – making India the world’s 3rd largest and fastest growing commercial vehicles market, globally. But, the repossession losses for commercial vehicles have been very high.
Aeris has been strategically focusing on the Asian banking, financial services and Insurance (BFSI) sector since its inception in India. Working closely with more than a dozen clients in multiple regions as their technology partners, we identified the problem of huge credit defaults on heavy and light commercial vehicles for the financers as a major concern area. Aeris Asset Assurance Platform is delivering benefits to Aeris clients in India, Indonesia, Vietnam and Africa; helping them in proactive credit default detection, reducing repossession costs related losses, improving business profitability and enhancing service experience with 24×7, multilingual service support by Aeris.
In terms of the impact of Coronavirus on hardware and technology sector, Marc Jones, Global CEO and Chairman Aeris Communications said,” From a global perspective we are definitely seeing customers and their supply chain being impacted by Coronavirus related shutdown because Chinese manufacturers have been hit. As we go further into the quarter the impact will intensify.” While Indonesia business which is dependent on Chinese supply chain to come extent has experienced minor hiccups, India business business has witnessed no impact yet.