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.
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
SOURCE Ituran Location and Control Ltd