CalAmp Smart Tag and App Solution Delivers Intelligent Telematics Enabling Lower Insurance Premiums
LONDON and IRVINE, Calif., Jan. 19, 2021 /PRNewswire/ -- CalAmp (Nasdaq: CAMP), a global technology solutions pioneer transforming the mobile connected economy, today announced a new usage-based insurance (UBI) solution through its subsidiary, Tracker that is being deployed by SmartDriverClub Insurance, part of Markerstudy Retail. The white-labeled smartphone app solution allows insurers to deliver a branded, value-added experience for their policy holders that overcomes the 'price' versus 'service and data quality' dilemma.
The solution is a competitively priced, self-installed Bluetooth Low Energy (BLE) tag and smartphone application that delivers driver identification, driver behavior data, and crash detection alerts in real-time. The connected app provides accurate GPS tracking and utilizes the driver's smartphone for cellular data transfer.
Recognising that deploying a successful tag and smartphone app solution requires robust risk management, the UBI solution incorporates strict processes to ensure collection of accurate and consistent data. It also addresses any privacy concerns by ensuring that smartphone trip recording only occurs when driver identification is confirmed, thereby ensuring only trips from properly insured vehicles and valid policy holders are being recorded.
"We have long been an advocate of telematics as a means of effectively monitoring and managing our book of risk, as it enables us to reward good drivers with lower renewal premiums," said Ross Halifax of SmartDriverClub Insurance. "The BLE tag and app solution means we can now extend the benefits of telematics to an even wider base of customers."
"Crucially, the whole on-boarding journey for the policy holder is seamless, with installation of both the tag and app hassle-free. This convenience is key to its successful adoption. At the same time, its simplicity does not undermine the accuracy and detail of driving data captured to support our risk decisions. The ability to offer the convenience of in-app reporting, in order to encourage our policyholders to improve their driving skills and help them reduce the likelihood of having a collision and potential injury, is also an extremely important benefit," concluded Halifax.
"We have strengthened our product portfolio with the integration of driver behavior, risk scoring and data analytics to extend our end-to-end insurance telematics offerings. Now, at a time when the market has never had a greater need for agile solutions to enable them to adapt to recent events, the combination of our telematics capabilities and insurance knowledge, has produced an even greater range of integrated, intelligent car services for the EMEA marketplace, including our BLE smart-tag and smarphone app solution," said Justin Schmid, general manager of LoJack international operations.
"Our market-leading driver score algorithms, risk management reporting and engaging consumer applications have a proven track record of reducing insurer and broker loss ratios in the U.K. Importantly, we have the means to deliver these solutions in a cost-effective package, backed by exemplary customer support for our insurer clients. With our streamlined onboarding process, we can set up new insurers with a full-service offering, including data analytics, policy management and customer activation support in no time," Schmid added.
CalAmp, LoJack, Tracker, Here Comes The Bus, iOn Vision and associated logos are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.
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