The partnership between CalAmp and GNP aims to accelerate stolen vehicle recovery rate in Mexico
CalAmp, 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.”
Source: Company Press Release