Vehicle theft: How insurers are saving millions with vehicle tracking

Imagine an insurer receives a report that a vehicle worth €45,000 has been stolen. Without further information, the insurer can only pay the claim and write off the loss. But what if there was a way to locate the vehicle in the shortest possible time and drastically reduce the size of the claim?
 

Save millions with intelligent vehicle tracking technology

This is where ex:tracked comes in. Instead of incurring high losses, the insurer can locate the stolen vehicle in a very short time. At the same time, if necessary, we arrange for the vehicle to be returned or secured. In this case, the insurer saves 40,000 euros, which makes a significant difference to the company's bottom line.
 

New study on vehicle theft

The latest study by the German Insurance Association (GDV) on vehicle theft in Germany shows the importance of finding a solution to this problem. In 2023, vehicle theft will increase by around 20 percent and cost insurers a total of €312 million. The situation is particularly critical in the city of Berlin, where a vehicle is stolen every two hours on average.

The ex:tracked cloud platform not only helps locate stolen vehicles quickly, but also makes a significant contribution to fraud prevention. According to the study, ex:tracked can already detect 80 percent of the top ten most popular models among car thieves. In terms of absolute theft figures by manufacturer, the tracking rate for the top ten is 80 percent and rising, as more OEMs will be connected and tracked with the software in the coming months.

Benefits for insurers of using ex:tracked vehicle tracking

The many benefits of the platform enable insurers to effectively reduce their losses:

• Efficient, privacy-compliant data usage: The software processes and automates telemetry data from mobile assets, providing insurers with valuable information in real time.
• Fraud prevention made easy: Using the Vehicle Identification Number (VIN) and required documentation, insurers can verify whether the theft is real or a case of fraud. 
• Fast response time: The last position of the vehicle can be read in an instant, enabling insurers to take action more quickly.
• Highly cost-effective: A stolen vehicle causes an average of €21,400 in damage (source: German Insurance Association (GDV)) - every theft prevented or solved means massive savings.