CalAmp Smart Tag and App Solution Delivers Intelligent Telematics Enabling Lower Insurance Premiums

Rhea-AI Summary

CalAmp (Nasdaq: CAMP) has introduced a new usage-based insurance (UBI) solution via its subsidiary Tracker, aimed at enhancing customer experiences. The solution features a self-installed Bluetooth Low Energy (BLE) tag and a smartphone app that track driver behavior and provide crash detection alerts. This technology allows insurers to offer a branded service while ensuring data privacy and accurate trip recording. The app aims to lower insurance premiums for safe drivers, improving risk management in the insurance sector.

Positive

• Launch of a new UBI solution enhances customer engagement.
• Self-installed BLE tag and smartphone app provide real-time driver data.
• Addresses privacy concerns with controlled trip recording.
• Promotes lower premiums for good driving behavior.

Negative

• None.

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 smartphone 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.

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 £557 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, 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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SOURCE CalAmp

FAQ

What is CalAmp's new UBI solution for insurance?

CalAmp's new UBI solution is a smartphone app and BLE tag that tracks driver behavior and crash alerts, aimed at reducing premiums for safe drivers.

How does CalAmp's UBI solution ensure data privacy?

The UBI solution ensures data privacy by only recording trips after driver identification is confirmed.

When was CalAmp's UBI solution announced?

CalAmp's UBI solution was announced on January 19, 2021.

What technology does CalAmp's new insurance solution utilize?

The solution utilizes Bluetooth Low Energy (BLE) technology for tracking driving behavior.

Which company is deploying CalAmp's UBI solution?

The UBI solution is being deployed by SmartDriverClub Insurance, part of Markerstudy Retail.