Ituran announces partnership agreement with Tokio Marine Insurance

Rhea-AI Summary

Ituran Location and Control Ltd. (NASDAQ: ITRN) has formed a strategic partnership with Tokio Marine Insurance, enhancing its presence in the Brazilian auto insurance market. The agreement will utilize Ituran's telematics hardware for vehicle tracking and recovery, benefiting from Tokio Marine's strong market position as the 4th largest insurer in Brazil. The partnership aims to expand Ituran's install base by thousands annually, leveraging advanced AI technology to improve service and reduce insurance claims costs.

Positive

• Strategic partnership with Tokio Marine Insurance increases market presence in Brazil.
• Expected annual increase in install base by several thousand vehicles.
• Utilizes advanced AI technology to enhance service efficiency and reduce claims.

Negative

• None.

AZOUR, Israel, March 30, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced that Ituran Brazil has signed a strategic partnership agreement with Tokio Marine Insurance. The agreement includes both the telematics hardware and installation, as well as an ongoing monthly fee component. Ituran will provide the operator services and stolen vehicle recovery services.  

Tokio Marine Insurance is currently the 4th largest insurance company in the Brazilian auto insurance market, providing services and working with over 33 thousand brokers and advisors in the country.

Roberto Posternak, Commercial Director at Ituran Brazil said, "Ituran is recognized for its solid results in vehicle recovery and a high degree of service excellence. We have the largest base of monitored vehicles in Brazil. Through our advanced AI technology including big-data, routine analysis, business intelligence and machine learning, we are able to predict when and where events are likely to occur, including thefts and accidents. Our analysis enables a better service and recovery and makes our offering highly attractive to insurance companies." 

Eyal Sheratzky, Co-CEO of Ituran said, "We are pleased that even during the current challenging times, we have been able to launch this new partnership with one of Brazil's major insurance companies, which significantly increases our addressable market in the country. Our advanced technology and strong field experience throughout Brazil will provide Tokio Marine Insurance with significant cost savings and reduced claims. Via this new partnership, we expect to increase our install base by several thousand on annual basis. We see it further cementing our dominance in the Brazilian market and it supports additional future growth for Ituran, in this key market."

Certain statements in this press release are "forward-looking statements" within the meaning of the Securities Act of 1933, as amended.  These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors, as well as factors related to the global COVID-19 pandemic.

About Ituran

Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security for the retail, insurance industry and car manufacturers. Ituran is the largest OEM telematics provider in Latin America. Its products and applications are used by customers in over 20 countries. Ituran is also the founder of the Tel-Aviv based DRIVE startup incubator to promote the development of smart mobility technology.

Ituran's subscriber base has been growing significantly since the Company's inception to approaching 2 million subscribers using its location based services with a market leading position in Israel and Latin America. Established in 1995, Ituran has approximately 3,000 employees worldwide, with offices in Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada and the United States.

For more information, please visit Ituran's website, at: www.ituran.com

Company Contact Udi Mizrahi udi_m@ituran.com Deputy CEO & VP Finance, Ituran (Israel) +972 3 557 1348

International Investor Relations Ehud Helft ituran@gkir.com  GK  Investor & Public Relations (US) +1 646 201 9246

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SOURCE Ituran Location and Control Ltd

FAQ

What is the strategic partnership between Ituran and Tokio Marine Insurance?

Ituran has signed a partnership agreement with Tokio Marine Insurance to provide telematics hardware and vehicle recovery services in Brazil.

How does the partnership with Tokio Marine Insurance benefit Ituran?

The partnership is expected to significantly increase Ituran's install base and market presence in Brazil, offering cost savings and improved service.

What is the significance of Tokio Marine Insurance in the Brazilian market?

Tokio Marine Insurance is the 4th largest auto insurance company in Brazil, providing services through over 33,000 brokers.

How many subscribers does Ituran have?

Ituran has nearly 2 million subscribers utilizing its location-based services.

What technology does Ituran employ for its services?

Ituran employs advanced AI technology including big data, analysis, and machine learning to enhance service delivery.