Insurance TelematicsVehicle Telematics

CalAmp and TransUnion launch new stolen vehicle recovery service

Lack of technology and resources often makes it difficult for insurers and law enforcement to recover a stolen vehicle. If recovered, vehicles may be relegated to a junkyard because thieves have stripped them of valuable parts.

In this line, CalAmp, brand owner of LoJack, and TransUnion have announced the launch of LoJack® Stolen Vehicle Recovery (SVR) services for insurance carriers aimed at significantly reducing stolen vehicle losses, improving risk management and increasing vehicle recovery rates for consumers.

The new service brought to the market by SVR will help insurance carriers leverage this covert, yet powerful, capability to reduce their claims expense on stolen vehicles with minimal effort and investment.

Insurance carriers can simply elect to enable the new recovery service. Insurance data is combined with LoJack’s database of SVR unit-installed vehicles in a dormant state. When a LoJack SVR unit-equipped vehicle is reported stolen and the LoJack unit is activated, law enforcement can directly locate and recover the vehicle using one of more than 14,000 LoJack police tracking computers installed in police vehicles across the nation.

This new product will now enable insurance carriers to introduce a new service that streamlines the claims process and mitigates losses. At the same time, law enforcement can improve recovery rates for consumers and reduce the potential for other crimes that are often related to auto theft.

Source: Press Release

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