Keyloop has entered into a five-year agreement with AI specialist Kortical to integrate new artificial intelligence tools into its customer retention software, aiming to improve automotive dealers' finance renewal rates.
The collaboration will see Kortical's machine learning capabilities embedded within Keyloop's existing solutions, targeting customers reaching the end of their vehicle finance agreements or those looking to renew early. According to both companies, early adopters have reported an average increase of 7.1% in overall finance renewal rates since using the new tools.
Kortical has spent the past five years developing motor finance retention solutions, positioning itself uniquely for this partnership with Keyloop. No similar AI-driven finance retention technology is currently available to UK finance providers and vehicle retailers, according to the firms.
Kortical generates more than one billion buyer propensity predictions annually, analysing customer records, online behaviours and broader market trends to pinpoint finance customers most likely to renew, as well as determining the most effective channels for approaching them. This enables retailer sales teams to prioritise their outreach, aiming to reduce wasted leads.
Predictive analytics
Through the use of predictive analytics, the system provides dealership staff and managers with insights that allow for a more focused approach in their renewal campaigns. Real-time performance tracking is available via user-friendly digital dashboards within the Keyloop platform, giving users direct access to Kortical's analysis. This data can also be used to segment customers by location or demographic traits, for instance automatically targeting groups known to have higher intent to purchase electric vehicles (EVs).
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, commented:
"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."
Dealer response and market potential
The new solution is being marketed as an 'exclusive' partnership, with both organisations claiming there are currently no comparable AI-based finance retention products available to dealers and finance providers in the UK. The technology is designed to help automotive retailers and financiers improve renewal rates and reach new targets such as increasing EV sales, as government and industry regulations evolve.
Sales managers can access the AI-powered dashboards to monitor the outcomes of their campaigns in real time and recalibrate strategies as required based on customer engagement and predicted behaviour. The capability to automate customer selection based on likelihood to renew or interest in specific models, such as plug-in vehicles, is expected to give dealers a data-backed approach to sales planning.
Kortical's software has been designed over several years to integrate with existing systems, leveraging experience in analysing finance behaviours across multiple industries. The company states that over one billion predictions per year are specifically focused on the Renewals AI component.
Both Keyloop and Kortical maintain that increased automation and use of real-time behavioural data can free up retail staff to focus more on the most promising leads, potentially improving outcomes for dealerships without increasing costs.
Keyloop and Kortical plan to continue evolving the technology with the intention of bringing similar results to other markets beyond the UK in the future.
