Keyloop is partnering with AI group Kortical to help dealers grow their motor finance business, flipping more customers into new contracts.
As part of the five-year agreement, Kortical will embed artificial intelligence (AI) tools into Keyloop’s existing customer retention software.
Kortical has been working on motor finance retention solutions for the past five years
It evaluates customer records, online behaviours and market trends to identify those most likely to renew, as well as determining the best means by which to convert them.
This allows retailer sales teams to prioritise their communications and reduce ‘lead burn’.
Keyloop said real-time performance tracking will allow managers to monitor the effectiveness of their renewal campaigns via digital dashboards that access the Kortical analysis.
Users can use these insights to make their sales campaigns more effective, for example by automatically selecting groups of customers in defined locations and with selected demographic characteristics that are known by the Kortical analysis to make them more likely to purchase an EV.
Keyloop said the first motor retailers to use the Kortical tools have achieved an average 7.1% improvement in overall finance renewal rates.
Adrian Nash, chief product officer at Keyloop, said: “Collaborating with Kortical means we can offer something new and innovative to finance providers and their retail partners, boosting the efficiency of the sales process and helping staff spend more time on customers with the highest levels of purchase intent.
“Retailers can also use the data to identify those most likely to convert to an EV, helping them meet new targets for uptake of plug-in vehicles.”
Andy Gray, Co-Founder and CEO at Kortical, said: “We believe AI should deliver real, measurable results and that’s exactly what this partnership with Keyloop is all about.
“By embedding our machine learning into Keyloop’s retention tools, we’re helping dealerships connect with the right customers at the right time with the right vehicle. It’s transforming how finance retention works in the UK and it will be exciting to see how we can deliver the same impact globally.”