Business
Ituran announces partnership agreement with Tokio Marine Insurance
AZOUR, Israel, March 30, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced that Ituran Brazil has signed a strategic
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"AZOUR, Israel, March 30, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced that Ituran Brazil has signed a strategic partnership agreement with Tokio Marine Insurance. The agreement includes both the telematics hardware and installation, as well as an ongoing monthly fee component. Ituran will provide the operator services and stolen vehicle recovery services. \nTokio Marine Insurance is currently the 4th largest insurance company in the Brazilian auto insurance market, providing services and working with over 33 thousand brokers and advisors in the country.\nRoberto Posternak, Commercial Director at Ituran Brazil said, \"Ituran is recognized for its solid results in vehicle recovery and a high degree of service excellence. We have the largest base of monitored vehicles in Brazil. Through our advanced AI technology including big-data, routine analysis, business intelligence and machine learning, we are able to predict when and where events are likely to occur, including thefts and accidents. Our analysis enables a better service and recovery and makes our offering highly attractive to insurance companies.\" \nEyal Sheratzky, Co-CEO of Ituran said, \"We are pleased that even during the current challenging times, we have been able to launch this new partnership with one of Brazil's major insurance companies, which significantly increases our addressable market in the country. Our advanced technology and strong field experience throughout Brazil will provide Tokio Marine Insurance with significant cost savings and reduced claims. Via this new partnership, we expect to increase our install base by several thousand on annual basis. We see it further cementing our dominance in the Brazilian market and it supports additional future growth for Ituran, in this key market.\"\nCertain statements in this press release are \"forward-looking statements\" within the meaning of the Securities Act of 1933, as amended. These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as \"expects\", \"anticipates\", \"intends\", \"plans\", \"believes\", \"seeks\", \"estimates\" or words of similar meaning. These statements are based on our ...