Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects, and connects major consumer purchases such as automobiles, announced a partnership with Kudelski IoT, a division of the Kudelski Group (SIX: KUD.S), the world leader in digital security and IoT solutions. Assurant will offer RecovR as part of its comprehensive Assurant Vehicle Care suite of vehicle protection products.
Kudelski IoT has developed RecovR, an innovative, two-in-one lot management and theft recovery solution, which boosts operational efficiency by minimizing inventory search time and providing data to optimize vehicle reconditioning steps. This empowers sales teams to efficiently locate vehicles, enhancing customer satisfaction and sales effectiveness, all while offering dealer customers state-of-the-art technology and an intuitive theft recovery solution.
This collaboration between Assurant and RecovR introduces additional revenue opportunities to Assurant’s dealer customers selling RecovR while addressing the pressing need for theft recovery solutions given the rising vehicle theft rates in the United States. The National Insurance Crime Bureau (NICB) reported that over one million vehicles were stolen in 2022, a seven percent increase over 2021.
The RecovR solution, provided to dealerships at no upfront cost, delivers a secure and transformative digital solution for automotive dealers by improving inventory management and operational cost efficiency. With its wireless, battery-operated design, the RecovR solution seamlessly combines cutting-edge communication and multiple positioning technologies. This enables automotive dealers to easily install RecovR and receive precise position information across a wide range of conditions.
The RecovR platform offers the flexibility to integrate additional components, including vehicle OBDII health information and key location functionality. These enhancements provide dealerships with valuable data, enabling process transformation and driving revenue growth across various areas, including key retrieval, parts, and service offerings.
“Our partnership with RecovR will help us provide innovative digital tools and data our dealer customers need in today’s rapidly evolving competitive landscape. The advanced positioning technology in RecovR brings significant value through innovative data, protection, and theft recovery capabilities.”Joshua Sonnier, Assurant vice president of global strategy realization and product development.
Hardy Schmidbauer, Senior Vice President of Kudelski IoT, emphasized the significance of RecovR’s partnership with an industry leader like Assurant. “This collaboration accelerates the reach of RecovR to a broader customer base, enabling Kudelski IoT to focus on leveraging its expertise in technology, asset tracking, and security to expand its solution offering for the automotive sector.” Schmidbauer added, “Our goal is to provide technology and data that will introduce new revenue sources and business models to the automotive industry.”