Modus, ATrack Join Hands to Bring Insurance Telematics Solutions to Asia
April 04, 2014
Modus, a provider of end-to-end insurance telematics solutions, and ATrack Technology Inc., a manufacturer of GPS (global positioning system) vehicle telematics devices, together have inked a partnership deal to bring insurance telematics solutions to Asia.
Insurance telematics has entered the mainstream market in many countries around the globe, including few countries in Asia.
It is quite interesting to note that insurance telematics is changing the dynamics of the automobile insurance marketplace. For the reason that it is enabling insurers, businesses and consumers to access and manage actual usage data emanating from cars, busses and trucks.
Consequently, insurance telematics has created an increased opportunity to improve driver safety while providing real-time feedback to fleet managers, insurers and family on key driver and automobile metrics like speed and braking.
A 2011 report published by Ward’s Auto World cited that the global vehicle population surpassed one billion in 2010 with countries in Asia, namely China and India. These figures make Asia as one of the hot spots for implementation of insurance telematics.
Through the partnership agreement between MODUS and ATrack, MODUS’s suite of insurance telematics solutions will be bought to insurance providers and their customers, throughout Asia, with the help of ATrack’s vehicle telematics devices.
This new integrated technology is expected bring promise of safer roads to the region, cited a source.
"Insurance telematics offers many new opportunities within Asia,” said Frank Tang, CEO of ATrack, in a statement. “The combination of ATrack engineering expertise and the Modus insurance telematics solution will allow insurance companies to take advantage of the powerful insights gained by tracking vehicles and driving behavior across millions of vehicles."
Through this announcement, both the companies will replicate the United States insurance telematics model in Asia. To realize it, both the companies would be utilizing the combination of on-board vehicle devices, cellular connectivity and end-to-end data collection, analytics and management.
Modus has been offering a full-service usage based insurance (UBI) solution including logistics, integration, application development, data warehousing, analytics, driver profiling and support, enabling automobile insurance companies to reduce the complexity of large-scale deployments.
Edited by Cassandra Tucker
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