Solera To Invest $5 Million To Build State-of-the-Art Technology, Training And Research Facility To Support China's Rapidly-Growing Auto Insurance And Repair Industry
WESTLAKE, Texas, July 7, 2015 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH) today announced it will invest USD $5 million to advance the rapidly growing Chinese automobile insurance market with the creation of the country's first Solera Technology Center ("STC") research facility. The STC was created as a joint venture in 2011 between Solera and leading global insurer MAPFRE to help modernize the insurance ecosystems of growing and emerging countries throughout the world with data-based science, predictive software, and technology-focused education and training for the P&C industry.
The STC has already provided comprehensive technical training for nearly 2,000 Chinese professionals who work within the vehicle insurance, repair and appraisal industries. In October of this year, it will officially open the Beijing research facility designed to collect and analyze critical automotive data that advances vehicle safety, improves insurance claims efficiency, and balances underwriting economics. The facility will enable the collection of technical car and repair data, the creation of traffic accident reconstruction reports, the development of car ratings for the insurance industry, training for insurers and repairers, and certification for repair shops.
"STC is the first to announce a multi-million dollar investment to build an advanced vehicle research center to help modernize the Chinese car insurance industry," said Tony Aquila, Solera's founder, Chairman and CEO. "Although China will soon become the second largest auto insurance market in the world, it is still in the early stages of adopting technology and software to respond to claims inflation with risk-based pricing models. STC China will work to enhance insurer margins by delivering accurate information systems, education programs and global industry standards to all insurance companies in China."
Solera was founded in 2005 to bring about a digital evolution of the insurance industry. By combining data-based intelligence and life-driven experiences, Solera's technologies empower insurers and their customers to make the most accurate, transparent and confident decisions when buying, protecting and selling life's most important assets. By leveraging the combined power of their data, software and leadership within the global auto insurance technology market, Solera and MAPFRE established the first STC in Madrid, Spain with a strategic mission to create safer, more intelligent and more enjoyable car ownership ecosystems throughout the world.
"We are proud to partner with Solera to help bring technology-centric auto insurance systems and training to fast-growing markets such as China," said Ignacio Juarez, Managing Director of CESVIMAP, the vehicle safety research facility of MAPFRE. "The state-of-the-art research facility we are constructing in Beijing will serve as a model for future STC initiatives worldwide."
More information about the grand opening of the STC in Beijing, China will be available in October 2015.
About Solera
Solera is a leading provider of risk and asset management software and services to the automotive and property marketplace, including the global P&C insurance industry. Solera is active in over 75 countries across six continents. The Solera companies include: Audatex in the United States, Canada, and in more than 45 additional countries; HPI, CarweB and CAP Automotive in the United Kingdom; Informex in Belgium and Greece; Sidexa in France; ABZ and Market Scan in the Netherlands; Hollander serving the North American recycling market; AUTOonline providing salvage disposition in a number of European and Latin American countries; IMS providing medical review services; Explore providing data and analytics to United States property and casualty insurers; Service Repair Solutions, a joint venture with Welsh, Carson, Anderson & Stowe, that provides solutions for the service, maintenance and repair market; and I&S, a provider of software and business management tools, third-party claims administration, first notice of loss and network management services to the U.S. auto and property repair industries, specializing in glass claims. For more information, please refer to the company's website at http://www.solerainc.com.
About MAPFRE Insurance
MAPFRE Insurance, rated "A" (Excellent) by A.M. Best Company, actively writes property and casualty insurance in 19 states across the United States through a network of more than 4,200 independent agents and brokers. MAPFRE Insurance is the 19th largest provider of personal automobile insurance and the 20th largest personal lines insurer in the United States. MAPFRE Insurance is also the largest private passenger automobile insurer, homeowners' insurer and commercial automobile insurer in Massachusetts. MAPFRE Insurance provides a full range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft and businesses, as well as term life insurance. MAPFRE Insurance is part of the MAPFRE Group. MAPFRE is a global insurance group present in 49 countries across five continents. It is the leader in Spanish market, the largest multinational insurer in Latin America and among the top 10 European insurance companies by premium volume. MAPFRE employs more than 37,000 people and has over 27 million customers worldwide. In 2014, the MAPFRE Group had net earnings of $1.1 billion with revenues of approximately $35 billion. For more information, please refer to the company's website at http://www.mapfreinsurance.com.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including statements about: our investment in the STC; the benefits (to us, MAPFRE and the Chinese auto insurance industry) of the STC, including but not limited to the creation of a state-of-the-art research facility (and our expectation that the facility will open in October 2015); and the proposed activities of the research facility, including but not limited to the collection of data to improve information systems, education programs and global industry standards for all insurance companies in China. These statements are based on our current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: we may not complete our investment in the STC; the failure to realize the expected benefits of the STC to us, MAPFRE and the Chinese auto insurance industry; the failure of the research facility to open in October 2015 or to achieve its intended goals; risks associated with and possible negative consequences of acquisitions, investments, joint ventures and similar transactions; risks associated with the uncertainty in and volatility of global economic conditions; risks associated with operating in the Chinese market; effects of changes in or violations by us or our customers of government regulations; effects of competition on our product and service pricing and our business; and rapid technology changes in our industry. For a discussion of these and other factors that could impact our operations or financial results and cause our results to differ materially from those in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, particularly our Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2015. Solera is under no obligation to (and specifically disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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SOURCE Solera Holdings, Inc.
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