Stolen Asset Recovery
Next-gen vehicle tracking systems change the way the insurance industry approaches stolen vehicle claims
Advances in telematics improve stolen vehicle recovery and minimize insurance costs
- Worldwide, insurance companies spend billions of dollars each year to replace stolen vehicles.
- The industry seeks a way to minimize the burden of stolen vehicle replacement, but traditional telematics solutions fall short.
- Next-generation vehicle tracking systems, powered by Sigfox’s global IoT network, solve the major problems associated with telematics.
- Next-generation tracking systems are the latest revolution in insurtech: increasing rates of auto recovery while reducing insurance claim costs and overhead.
The UN Office on Drugs and Crime estimates that worldwide, one in every 1,500 people falls victim to vehicle theft each year. Couple this with the fact that in some areas, recovery rates fall well below fifty percent, and it’s no wonder the insurance industry has championed the use of telematics tracking in recent years. Each vehicle that is recovered-and recovered quickly-represents thousands of dollars in claims savings.
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