MOUNTAIN VIEW, Calif.,
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.
About CalAmp
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.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in
collaboration with clients to leverage visionary innovation that
addresses the global challenges and related growth opportunities
that will make or break today's market participants. For more than
50 years, we have been developing growth strategies for the global
1000, emerging businesses, the public sector and the investment
community.
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Contact:
Chiara Carella
P: +44 (0) 207.343.8314
F: 210.348.1003
E: chiara.carella@frost.com
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SOURCE Frost & Sullivan