Advanced Telematics Systems Automate Vehicle Crash Reporting, Predictive Repair and Injury Estimates Promising Major Service Improvements and Cost Savings for Insurers
MOUNTAIN VIEW, California, Nov. 29, 2016 /PRNewswire/ -- Based on its recent analysis of the market for automating claims processing using insurance telematics, Frost & Sullivan recognizes CalAmp Corp. (NASDAQ: CAMP) with the 2016 North America Frost & Sullivan Award for Product Line Strategy Leadership. CalAmp's proprietary automated First Notice of Loss (aFNOL) and automated First Notice of Injury (aFNOI) applications are transformational technologies which enable insurers and telematics service providers (TSPs) to reduce costs and improve efficiencies associated with underwriting and claims processing.
The CalAmp aFNOL technology focuses on delivering immediate crash notifications and repair estimates of auto physical damage (APD) at the moment of impact. Within the aFNOL family are three applications, each performing a different role in the claims process for APD. First, ICN™ (Instant Crash Notification) is a proven, accurate and highly reliable OEM-grade automatic collision reporting system, recently certified by CESVIMAP. Second, CalAmp offers a deeper analysis of a crash event with an extensive report including claim detail verification, accident reconstruction, and subrogation and forensics assistance. And lastly, a triage tool estimates vehicle damage and predicts cost of repair in near real-time enabling insurers to direct the vehicle to the appropriate repair shop or salvage auction*.
The CalAmp aFNOI technology is the counterpart to aFNOL for bodily injury claims that provides insurers with near real-time, predictive estimates of the likelihood of bodily injury to frontal occupants of the insured vehicle*.
CalAmp is a global leader with a broad portfolio of web-based telematics applications and devices for insurers, retail automotive, and fleet management. Their best-in-class solutions for aFNOL, aFNOI and usage based insurance (UBI) allow insurers to attract and retain low-risk policyholders, lower fraud, minimize claims losses, and manage claims adjusting costs.
"CalAmp's aFNOL and aFNOI technology leverages sophisticated math modeling tools and extensive testing at the vehicle level that results in truly differentiated features such as reliable crash algorithms and predictive analytics for vehicle damage estimates and occupant injury," said Niranjan Manohar, Program Manager for Frost and Sullivan. "CalAmp's automated claims process improvement technology will help optimize claims operations, improve cycle time, lower fraud, reduce loss adjustment expenses and ultimately improve profitability for insurers. These capabilities and insurer benefits led us to choose CalAmp for the 2016 Product Line Strategy Leadership Award."
Each year, Frost & Sullivan presents this award to the company that has developed a comprehensive product line that caters to the breadth of the market it serves. The award recognizes the extent to which the product line meets customer demands, the overall impact it has in terms of customer value, and its ability to increase market share.
"We're delighted that CalAmp's insurance telematics technology and our commitment to simplifying the claims management process has been recognized by Frost and Sullivan with the Leadership Award for Product Line Strategy," said Justin Schmid, Senior Vice President and General Manager of the Telematics Solutions business at CalAmp. "Insurance carriers are looking for a better way to mitigate risk and reduce the costs associated with this process. Quick and accurate claims processing and settlement provides customers with a satisfying experience to boost policyholder retention rates."
For more information on CalAmp's entire suite of advanced insurance telematics solutions, please visit http://www.calamp.com/industries/insurance-telematics.
*The triage tool and aFNOI products are scheduled for production availability in 2017.
CalAmp (NASDAQ: CAMP) is a pure-play pioneer in the connected vehicle and broader Industrial Internet of Things marketplace. The Company's extensive portfolio of intelligent communications devices, robust and scalable telematics cloud services, and targeted software applications streamline otherwise complex Machine-to-Machine (M2M) deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently reporting business-critical data and desired intelligence from high-value mobile and remote assets. CalAmp is headquartered in Irvine, California and has been publicly traded since 1983. For more information, please visit www.calamp.com.
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SOURCE Frost & Sullivan