IRVINE, Calif., April 11, 2018 /PRNewswire/ -- CalAmp (CAMP) announced today plans to partner with TransUnion (TRU) to help insurance carriers better manage risk, minimize replacement losses and improve customer service.
"Bringing together the proven capabilities of our LoJack® Stolen Vehicle Recovery System with TransUnion's strength in insurance data analytics means insurers will gain access to enhanced services for tracking and recovering stolen vehicles," said Michael Burdiek, president and chief executive officer at CalAmp. "The combined resources could save insurance providers millions of dollars per year in stolen vehicle claims and bring peace of mind to consumers."
The partnership intends to leverage TransUnion's insurance data and industry relationships to the benefit of consumers and insurance companies through the activation of stolen vehicle recovery (SVR) services in LoJack's installed base of vehicles with units previously in a dormant state. When a LoJack equipped vehicle is reported stolen and is activated, law enforcement can directly locate and recover the vehicle using one of more than 14,000 LoJack tracking computers installed in police vehicles across the nation.
"As the CalAmp and TransUnion relationship moves forward, we believe both insurers and consumers will realize great benefits," said Mark McElroy, executive vice president and head of TransUnion's insurance business unit. "Our role in helping to track down stolen vehicles at a faster rate will be especially rewarding to see."
As the only SVR system directly integrated with law enforcement, the LoJack Stolen Vehicle Recovery System has a more than 90 percent recovery rate on cars, trucks and SUVs. Triggering a real-time activation of a dormant LoJack stolen vehicle recovery service can mean the difference between a full recovery or a complete loss.
In 2017, the average recovery value per vehicle was $10,8071. Law enforcement recovered over $134 million worth of LoJack-equipped stolen vehicles in 2017, a 7% increase from 20161. According to the FBI Uniform Crime Report, auto theft increased at a similar rate nationally. As the cost of replacement parts increases with more advanced vehicle technology, the profit incentive becomes even stronger for thieves, increasing the risk of auto theft losses for insurers and consumers.
1 Used car values are best estimates derived from NADA Guide web services values and clean retail value from NADAGuides.com for the make, model and year of the vehicle in the month it was recovered.
CalAmp (CAMP) is a telematics pioneer leading transformation in a global connected economy. We help reinvent businesses and improve lives around the globe with technology solutions that streamline complex IoT deployments and bring intelligence to the edge. Our software applications, scalable cloud services, and intelligent devices collect and assess business-critical data from mobile assets, cargo, companies, cities and people. We call this The New How, powering autonomous IoT interaction, facilitating efficient decision making, optimizing resource utilization, and improving road safety. CalAmp is headquartered in Irvine, California and has been publicly traded since 1983. LoJack is a wholly owned subsidiary of CalAmp. For more information on CalAmp, visit calamp.com, or LinkedIn, Twitter, YouTube or CalAmp Blog.
TransUnion is a leading global risk and information solutions provider to businesses and consumers. The Company provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. Businesses embed its solutions into their process workflows to acquire new customers, assess consumer ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud. Consumers use its solutions to view their credit profiles and access analytical tools that help them understand and manage their personal information and take precautions against identity theft.
CalAmp, CalAmp logo and LoJack 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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