Cartrack, a global leader in fleet management, vehicle tracking and insurance telematics technology, has achieved robust subscriber growth of more than 85 000 net additions from September 1, 2017 until February 15, 2018 compared to 65 812 net additions in the first six months of the 2018 financial year.
The year-on-year subscriber growth to date is approximately 25% and brings the global subscriber base to the over 750 000 mark. Cartrack’s Global CEO, Zak Calisto, attributes this growth to the company’s investment in operating and distribution capacity.
“This growth in subscribers also puts us in the position to introduce more value propositions to the market. Special focus for us will be workforce optimisation which leverages all available telematics to improve the productivity of assets and people through technology and insurance telematics. We still see ourselves as a start-up and are undergoing increased investment in our systems and services,” he says.
Although not applicable to its trucking customers, it is interesting to note that Cartrack has also launched a first-to-market insurance offering for vehicle theft that targets the previously uninsured market in South Africa.
According to the Automobile Association of South Africa, as much as 70% of the more than 12-million registered vehicles in South Africa are uninsured. Leveraging its audited 93% recovery rate along with its insurance telematics data and investment in research and development, Cartrack is now offering theft-only vehicle insurance at R9.99, subject to terms and conditions, if a Cartrack telematics device is installed.
“Through this new and innovative low-cost theft insurance product, we’re seeking to provide an essential service to the uninsured. The theft of a vehicle, and in many cases, with no means to fund a replacement is a real threat for lower-income families facing financial pressures. This type of limited insurance is vitally important to protect against the risk of vehicle theft – an asset which often ensures livelihoods,” says Calisto.
Insurance telematics is fast becoming a critical component in risk management. The launch of the R9.99 a month theft-only insurance product coincides with the significant value that insurance telematics is bringing to the industry.