CalAmp's Tracker, Partners with Grove & Dean to Protect Vehicles and Reduce Motor Insurance Premiums

Rhea-AI Summary

CalAmp (Nasdaq: CAMP) announced a partnership between its subsidiary Tracker and Grove & Dean, a leading UK insurance broker. This collaboration aims to implement initiatives that will safeguard assets, lower insurance premiums, and protect loss ratios. The partnership launches with Tracker's stolen vehicle recovery solutions, which boast a 95% recovery rate, addressing the rising vehicle thefts in the UK. This innovative solution not only enhances vehicle security but also significantly reduces the costs associated with theft for insurers and vehicle owners.

Positive

• Tracker's stolen vehicle recovery rate of 95% enhances market appeal and customer confidence.
• Partnership aims to lower insurance premiums for customers, improving competitiveness.
• Collaboration leverages police relationships for rapid vehicle recovery, minimizing losses.

Negative

• None.

LONDON and IRVINE, Calif., Nov. 23, 2020 /PRNewswire/ -- CalAmp (Nasdaq: CAMP), a global technology solutions pioneer transforming the mobile connected economy, today announced its subsidiary, Tracker, has joined forces with Grove & Dean, one of the UK's leading independent chartered insurance brokers and Performance Direct, the general insurance division of Grove & Dean. The collaboration will see the launch of a series of initiatives designed to safeguard assets, reduce insurance premiums and protect loss ratios.  The partnership launches with the introduction of Tracker's pioneering stolen vehicle recovery (SVR) solutions as an added-value offering to broker customers.

"Grove & Dean is a family-run business, established 50 years ago, and we have always aspired to combine the finest customer experience with policies that provide complete peace of mind," explains Matthew Collett, marketing director of Grove & Dean.

"With car thefts escalating by 52% in the past six years, it became increasingly clear that we needed to introduce new, ethical and robust solutions that protect drivers and their vehicles," Collett added.  "Our partnership with Tracker achieves that mission whilst delivering a competitive edge for our underwriters.  Tracker's stolen vehicle recovery rate of 95% significantly reduces the risk and cost of potential theft, allowing us to offer lower premiums and increase protection."

Critically, Tracker's solutions embrace market-leading theft recovery protocols, including a 24/7/365 emergency contact centre to handle all missing vehicles combined with a working relationship with all UK police forces and close collaboration with pan-European law enforcement agencies. These relationships deliver significant benefits including the rapid recovery of a vehicle before it can be exported, dismantled for parts or given a new vehicle identification number (VIN) and re-sold.

 "Our partnership with Grove & Dean will enable even more stolen vehicles returned safely to their owners. With a Tracker solution installed, the need for insurance providers to pay recovery costs or settle costly claims will be greatly reduced," commented Mark Rose, managing director of Tracker. "Owners will also be protected from the costs incurred due to a vehicle theft, including their excess liability insurance, loss of no-claims discount and potentially higher premiums in the future. Whilst there is no way to guarantee that a vehicle will never be stolen, installing a Tracker solution will vastly improve the chances of returning a vehicle to its owner."

About Grove & Dean
Formed in 1974 and based in Romford, Essex, Grove & Dean is a leading independent insurance broker. Grove & Dean's various insurance brands cater for a broad range of specialist motoring markets with a particular emphasis on prestige, performance, motorhome, commercial vehicle, non-standard and classic vehicles. By adopting the best new technologies and systems and offering exceptional service and value to our customers, Grove & Dean combines the best of the new, with traditional service ethics. For more information visit: https://www.grove-dean-insurance.co.uk

About Tracker
Tracker, a wholly owned subsidiary of CalAmp, has been leading the way in the field of vehicle tracking and telematics since 1993. With over a million market-leading security and award winning fleet management systems fitted to vehicles including passenger cars, motorcycles, HGVs, LCVs and plant and construction equipment, Tracker is still leading the way. Tracker, together with the police has to date recovered over £550 million worth of stolen vehicles and continues to recover on average £1 million worth of stolen vehicles each month. With over a million systems installed to date, its award-winning products ensure its customers have complete peace of mind. For more information, visit www.tracker.co.uk or follow us on http://twitter.com/tracker_UK

About CalAmp
CalAmp (Nasdaq: CAMP) is a global technology solutions pioneer transforming the mobile connected economy. We help reinvent business and improve lives around the globe with technology solutions that streamline complex mobile IoT deployments and bring intelligence to the edge. Our software and subscription-based services, scalable cloud platform and intelligent devices collect and assess business-critical data from mobile assets and their contents. We call this The New How, facilitating efficient decision making, optimizing mobile asset utilization and improving road safety. Headquartered in Irvine, California, CalAmp has been publicly traded since 1983 and has 20 million products installed and over 1.3 million software and services subscribers worldwide. LoJack^®, Tracker^™ and Here Comes The Bus^® are CalAmp brands. For more information, visit calamp.com, or LinkedIn, Facebook, Twitter, YouTube or CalAmp Blog.     

CalAmp, LoJack, Tracker, Here Comes The Bus 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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SOURCE CalAmp

FAQ

What is the significance of CalAmp's partnership with Grove & Dean?

The partnership is designed to enhance vehicle security through Tracker's stolen vehicle recovery solutions, reducing insurance premiums and protecting loss ratios.

How does Tracker's stolen vehicle recovery solution benefit customers?

Tracker's solution significantly reduces recovery costs and enhances the likelihood of returning stolen vehicles to their owners.

What is the impact of vehicle theft trends on CalAmp's offerings?

With UK vehicle thefts rising by 52% over six years, CalAmp's solutions aim to address these concerns by providing effective recovery options.

What are the goals of the initiatives launched by Tracker and Grove & Dean?

The initiatives aim to safeguard assets, reduce insurance premiums, and protect loss ratios for customers.

When was the partnership between Tracker and Grove & Dean announced?

The partnership was announced on November 23, 2020.