CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless products, services and solutions, today announced certification of its Instant Crash Notification (ICN™) service by trusted, independent insurance industry research company CESVIMAP, which provides objective evaluations of crash test results for vehicle repair and other collision damage services to insurance companies in Europe , Latin America and China . This is CalAmp’s first independent certification of ICN by a major insurance industry testing organization.
To certify ICN for use by insurance providers, CESVIMAP performed controlled, instrumented tests of the service against the RCAR ( Research Council for Automobile Repairs ) industry standard for front and rear crashes and evaluated the system for its event discrimination and reporting performance. During the evaluation tests, ICN was able to accurately calculate severity of the crashes, and reliably deliver its detailed report immediately following an impact. Extensive and rigorous road testing also produced zero false positive crash indications from speed bumps, pedestrian walkways and other challenging road conditions. The successful evaluation conducted by CESVIMAP confirms that CalAmp’s system immediately detected the test crashes, measured the impact severities correctly, and did so without generating any false reports.
“CESVIMAP plays a major role for auto insurers by undertaking independent evaluation of automated collision notification technology that helps auto insurers improve efficiency of the claims process, as well as offer better roadside assistance in the event of a crash,” said Rubén Aparicio-Mourelo Alonso, Assistant General Manager of CESVIMAP. “We were excited to test and evaluate CalAmp’s ICN technology using front and rear crashes, as well as driving on a rigorous road course to evaluate false reports. ICN passed the tests and met our standards for automated collision notification systems. We look forward to seeing this technology in widespread use benefiting both insurers and policyholders alike.”
ICN is a revolutionary service that provides a sense of safety and security for consumers while dramatically improving insurance claims management efficiency. It fully automates the accident event notification process, by providing users and subscribers with immediate notification of a collision, as well as accurate incident data such as impact severity on a five-point scale, crash time stamp and location reporting delivered via email, SMS (text) and directly to the insurance company through an Application Programming Interface (API). ICN is a key product within CalAmp’s proprietary, patented and patent-pending automated First Notice of Loss (aFNOL) services suite, and is designed to be delivered as an incremental service to existing and future CalAmp device customers.
“We value the role that CESVIMAP and other independent research firms play in the insurance industry, and we are pleased that we were able to validate ICN’s reliability and accuracy through an objective, third-party process,” said Justin Schmid, Senior Vice President and General Manager of the Telematics Systems business at CalAmp . ” CalAmp’s ICN is the best-in-class solution for aftermarket automatic collision reporting systems and the independent certification by CESVIMAP helps to validate our offering.”
With nearly 16 million motor vehicle crashes and more than 2 million injuries annually in the U.S. alone, ICN enables autonomous reporting of these events across the aftermarket connected vehicle ecosystem which includes fleet management, insurance, claims management, vehicle leasing, roadside assistance, vehicle finance and other applications seeking to add value and differentiate in the increasingly competitive vehicle telematics markets.(Original Source)
Shares of Calamp are currently trading at $14.76, up $0.18 or 1.23%. CAMP has a 1-year high of $21.35 and a 1-year low of $13.01. The stock’s 50-day moving average is $14.72 and its 200-day moving average is $15.72.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on August 11, Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on CAMP, with a price target of $25, which implies an upside of 71.5% from current levels. Separately, on June 29, Craig-Hallum’s Anthony Stoss reiterated a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Walkley and Anthony Stoss have a total average return of 14.6% and 10.6% respectively. Walkley has a success rate of 60.5% and is ranked #28 out of 4129 analysts, while Stoss has a success rate of 61% and is ranked #542.
CalAmp Corp. develops and markets wireless communications solutions that deliver data, voice and video for critical networked communications and other applications. The company operates in two business segments: Wireless DataCom and Satellite. The Wireless DataCom segment offers solutions to address the markets for Machine-to-Machine or M2M, communications, Mobile Resource Management, or MRM, applications and other emerging applications that require anytime and everywhere connectivity. Its broad portfolio of wireless communications products includes asset tracking devices, targeted telematics platforms, fixed and mobile wireless gateways and full-featured, multi-mode wireless routers. The Satellite segment develops, manufactures and sells direct-broadcast satellite outdoor customer premise equipment and whole home video networking devices for digital and high definition satellite television services. Its satellite products are sold primarily to EchoStar, an affiliate of Dish Network, for incorporation into complete subscription satellite television systems.