CalAmp is leveraging its stolen vehicle recovery system in a new partnership with TransUnion to help insurance carriers better manage risk, minimize replacement losses, and improve customer service.
CalAmp’s LoJack Stolen Vehicle Recovery System will be combined with TransUnion’s insurance data analytics to curb stolen vehicle claims.
"Bringing together the proven capabilities of our LoJack Stolen Vehicle Recovery System with TransUnion's strength in insurance data analytics means insurers will gain access to enhanced services for tracking and recovering stolen vehicles," said Michael Burdiek, president and chief executive officer at CalAmp.
The partnership intends to leverage TransUnion's insurance data and industry relationships to the benefit of consumers and insurance companies through the activation of stolen vehicle recovery (SVR) services in LoJack's installed base of vehicles with units previously in a dormant state, said CalAmp in a release. When a LoJack equipped vehicle is reported stolen and is activated, law enforcement can directly locate and recover the vehicle using one of more than 14,000 LoJack tracking computers installed in police vehicles across the nation.
As the only SVR system directly integrated with law enforcement, the LoJack Stolen Vehicle Recovery System has a more than 90% recovery rate on cars, trucks, and SUVs, according to the company.
Law enforcement recovered over $134 million worth of LoJack-equipped stolen vehicles in 2017, a 7% increase from 2016, according to CalAmp.