MiFi Drive usage based insurance solution powers Next Seguros rate-reduction insurance programs offered direct to consumers in Spain
Plug-and-play device empowers consumers to lower their auto insurance rates based on actual kilometers driven
MADRID, Spain and SAN DIEGO, May 22, 2015 (GLOBE NEWSWIRE) -- Novatel Wireless, Inc., (Nasdaq:MIFI), a leading provider of wireless solutions for the Internet of Things (IoT), and Next Seguros, a subsidiary of GRUPO NEXT, an automobile insurance solution offering reduced premium usage based insurance programs, today announce that the Novatel Wireless MiFi Drive MT3060 OBD II device has been selected as part of the company's usage based insurance offering. Frost and Sullivan Research ranks Spain one of the largest markets in Europe for telematics based insurance programs with high customer willingness to embrace the offering.
Next Seguros is dedicated to creating products that can save its customers time and money. It is the first company in Spain to offer pay-as-you-drive (PAYD) auto insurance policies, which are based on how many kilometers an insured drives. The driver predetermines how many kilometers they expect to drive over a 12 month period. Next Seguros then aligns insurance costs with how much a client plans to drive. The less the insured drives, the lower the premium. The principle behind PAYD is that those who drive less, are less likely to get into accidents. The risk is then lowered, and the insurance company can charge a lower premium as a result.
Next Seguros has developed a M2M technology platform with a variety of offerings including virtual maintenance, connection with different dealerships, mobility services such as alerts, geofencing and towing, privileged access to parking spaces and other connected services.
The MiFi Drive MT3060 model, is a compact device that the customer easily plugs into the vehicle's OBD II port (normally near the base of steering wheel) which collects and sends driver behavior data via the Next Seguros platform.
"We needed a reliable turnkey solution with a proven track record and high reliability ratings and the MiFi Drive by Novatel Wireless fit those requirements perfectly," said Javier Goikoetxea, CEO of GRUPO NEXT, the holding company of Next Seguros. "Implementation was easy and impressive, which enabled us to beat our expected time to market. It's a win-win situation for our customers and insurance providers."
"Next Seguros has a great reputation in Spain, known and respected for putting the consumer's best interests first," said John Carney, Executive Vice President of Sales and Marketing for Novatel Wireless. "We're delighted to partner closely with Next Seguros to supply a critical offering that gives them a unique competitive edge."
Novatel Wireless has deployed the MiFi Drive MT 3060 solution throughout Europe, the Middle East and Africa for usage based insurance and fleet management applications. The device and associated partner solutions have been awarded most innovative solution from powerhouses GeneraliAM and Accenture, amongst others.
About Novatel Wireless
Novatel Wireless, Inc. (Nasdaq:MIFI) is a leader in the design and development of M2M wireless solutions based 3G and 4G technologies. The Company delivers Internet of Things (IoT) and Cloud SAAS services to carriers, distributors, retailers, OEMs and vertical markets worldwide. Product lines include MiFi® Intelligent Mobile Hotspots, USB modems, Expedite® and Enabler embedded modules, Mobile Tracking Solutions, and Asset Tracking Solutions. These innovative products provide anywhere, anytime communications solutions for consumers and enterprises. Novatel Wireless is headquartered in San Diego, California. http://www.nvtl.com. @MiFi (Twitter)
MiFi is a registered trademark of Novatel Wireless, Inc. – the creators and patent holders of MiFi technology.
This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, as amended to date. These forward-looking statements involve risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements contained herein. These factors include risks relating to technological changes, new product introductions, continued acceptance of Novatel Wireless' products and dependence on intellectual property rights. These factors, as well as other factors that could cause actual results to differ materially, are discussed in more detail in Novatel Wireless' filings with the United States Securities and Exchange Commission (available at www.sec.gov) and other regulatory agencies.
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Source:Novatel Wireless, Inc.