Location World positions itself as Connected Car provider for vehicular insurance in Latin America.

August 12, 2019

Location World, regional leader in IoT (Internet of Things) solutions in the vehicular sector through telematics solutions, has positioned itself as provider of Connected Car solutions for the vehicle insurance industry in Latin America.

 

Location World, provider of regional telematics solutions for automotive and vehicular insurers, announces the launch of an advanced platform of Usage Based Insurance (UBI), for vehicular insurance companies. This solution of Connected Car has the objective that any insurer may offer programs, such as “Pay As You Drive” and “Pay-Per-Km”, so that customers can receive awards and benefits based on their driving habits

The implementation of this platform includes the integration of different technological components such as advanced telematic devices, also known as IoT (Internet of Things) that connect to vehicles, mobile applications for drivers, analysis and processing of data; and a sophisticated system of real time pricing for new business models.

According to a report by McKinsey & Company, there are currently more than seven UBI similar programs in the Latin American region, and more than 150 at a global scale. The penetration of these type of solutions of Usage Based Insurance, in countries such as Italy is around 17%, followed by other markets such as South Africa with 10% and United States with 10%, according to the report published in April 2018. This represents a great opportunity for the development of this market in the region given the low concentration of vehicular insurance that approximates, in average, 30%.

Ecuador is not the exception for the adoption of this type of auto connected insurance, where advanced telematic devices allow the connection of vehicles that generate Terabytes of information in real time, what is known today as Big Data. This information allows to establish patterns and habits of real time driving, as well as the development of models of risk and advanced analysis that allow the prediction of an accident.

“The main objective of this programs is prevention. The essence of this type of programs is to instantly provide feedback of driving habits related to the user, such as abrupt accelerations, abrupt stops, or any kind of events related to exceeding speed. According to several studies, it has been determined that the drivers who have greater interaction with this type of Apps in their Smartphones, tend to reduce by 21% the excesses of speed in a period between 3 and 6 months, and within one year they tend to improve their driving score by 40%”, says Antonio Morales, CEO of Location World.

Location World implements regional UBI (Usage Based Insurance) platform.

Thanks to the implementation of these solutions, the contribution for the prevention of accidents is significant since they seek to reduce accident rates in Latin America and around the world, as offered by BUSINESS WIRE, where it is presented as an increasingly connected world, the IoT and data storage in the cloud open doors to develop new business models, services, and benefits that allow to generate interaction with ordinary services such as insurance policies of vehicles.

About Location World

Through its proprietary and sophisticated technological platform, Location World develops and provides solutions and services of Fleet Management and   Connected Car. It also specializes in the generation of new business models through Internet of Things (IoT) for the automotive, transport, security, logistics, insurance industries among others. Location World’s objective is to provide access to solutions in the form of Software as a Service (SaaS) and Platform as a Service (PasS) that optimize processes and resources, make operations profitable, and bring end users closer through new management tools in the cloud.

For 7 years, Location World has excelled in Latin America as the fastest growing company.  Location World connects thousands of vehicles in the region so that companies can control and optimize their own or outsourced vehicle fleet or so that insurers and vehicle distributors can know their customers better. Location World has offices in Ecuador, Colombia, Perú, and Argentina. It operates in 9 countries, serving more than 3,500 companies with more than 45,000 vehicles, including companies such as: AVIS, Anheuser Busch InBev, Prosegur, Repsol, Techint and many others.