Taipei, Taiwan: Modus, a world leading end-to-end insurance telematics solution provider and ATrack Technology Inc., a world-class manufacturer of GPS Vehicle Telematics Devices, today announced a new partnership to bring Modus’ innovative suite of insurance telematics solutions to insurance providers and their customers throughout Asia.
According to a 2011 report published by Ward’s Auto World, worldwide vehicle population surpassed one billion in 2010 with countries in Asia, namely China and India, setting the pace for growth. In fact, in 2010 China’s vehicle registrations increased by 27.5%, accounting for nearly half that year’s global increase and moving China to #2 on the world’s most populated vehicle market, surpassing Japan and coming in behind the United States as reported by Ward’s.
Modus and its global partners like ATrack is changing the dynamics of the automobile insurance marketplace by enabling insurers, businesses and consumers alike to access and manage actual usage data emanating from cars, busses and trucks. The result is the potential 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.
“The vehicle boom being experienced across Asia poses a great opportunity and significant challenge for insurance telematics,” said Brandon Johnson, CEO of Modus. “ATrack’s location, engineering expertise, and commitment to customer support have helped us to develop new markets in Asia quickly and with the flexibility needed to address the unique and diverse needs of local markets.”
Fully deployed insurance telematics solutions, such as those being implemented by Modus in the United States and elsewhere, require a vast array of device, network and data management distributed across large geographies. The Modus and ATrack partnership promises to replicate this success across Asia through the combination of on-board vehicle devices, cellular connectivity and end-to-end data collection, analytics and management.
“Insurance telematics offers many new opportunities within Asia,” said Frank Tang, CEO of ATrack. “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.”