MEXICO CITY and IRVINE, Calif., April 30, 2020 /PRNewswire/ -- CalAmp (Nasdaq: CAMP), a technology solutions pioneer transforming the mobile connected economy, today announced its subsidiary, LoJack México, has signed a partnership agreement with GNP Seguros, a leading insurance provider in Mexico. The partnership is designed to combat car theft in Mexico, provide security to consumers and mitigate risk for insurers. Beginning this month, LoJack México will begin installing its stolen vehicle recovery (SVR) technology in new and pre-owned vehicles insured by GNP at Michelin Car Centers and auto dealers across Mexico.
Car theft in Mexico costs the insurance sector US $40 million (₱1 billion pesos) per month in reimbursement expenses. According to the Mexican Association of Insurance Institutions (AMIS), the rate of stolen vehicles increased by 36.5% from February 2014 to January 2020. In 2019, more than 83,000 vehicles were reported stolen, yet the recovery rate of insured cars was only 34%.
LoJack México aims to substantially increase the rate of stolen vehicle recoveries across Mexico by collaborating with GNP and the broader insurance sector in Mexico. Insurers encourage policyholders to install LoJack SVR technology in their vehicles to take advantage of better policy rates and greater peace of mind, while keeping their policies competitive, reducing portfolio risk and decreasing claim reimbursement expenses.
"Our recovery costs last year for stolen vehicles totaled US $2 million (₱64 million pesos)," said Omar Perez, Technical Director of Cars at GNP Seguros. "This program is critical not only to reduce our exposure but to provide our customers with a greater sense of security that their vehicle is protected against the nationwide rise in stolen vehicles."
"With leading-edge GPS technology and direct collaboration with local law enforcement, our complete solution can dramatically increase the stolen vehicle recovery rate above 80% across Mexico," said David Román, general director of LoJack México. "Our goal is to increase installations by over nine percent per month as we work to expand industry-wide access to this program."
About GNP Seguros
With more than 118 years of experience, GNP Seguros is a multi-branch insurance company that is a part of one of the largest business conglomerates in Mexico, GRUPO BAL. The group includes highly respected corporations in insurance, pension, financial, commercial, industrial and educational sectors. For more information, visit www.gnp.com.mx or LinkedIn, Twitter, Facebook, YouTube, or LoJack Blog.
About LoJack México
Car Track S.A. de CV, dba LoJack México, a CalAmp subsidiary, is a market leader in stolen vehicle recovery and innovative automotive services in Mexico and across Latin America, helping recover more than ₱3.5 million in assets. We have been active in Mexico for over 20 years and are undergoing a strong growth phase with more than 210,000 software and service subscribers. Today, LoJack Mexico is leveraging CalAmp's telematics technology and software services to create a new level of value for the automotive, insurance, and car rental markets and their end-customers, through easily accessible, innovative connected vehicle solutions. For more information, visit lojack.com.mx or LinkedIn, Twitter, Facebook, YouTube, or LoJack Blog.
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.