Intercept IP Group & Biowatch Announce Partnership In Thailand
Biowatch, an American owned and operated company that specialised in developing GPS tracking and fleet management software and solutions, today announced its partnership with Intercept IP Group in Thailand, part of Intercept IP’s global growth strategy to offer usage-based insurance devices and telematics solutions.
As part of the reseller partnership, BioWatch will market Intercept IP’s patented technology offering.
Digital transformation is shaping the way insurance companies do business, along with changing consumer behaviours in purchasing of insurance products, therefore enabling insurers to compile information about driving habits to calculate risks and offer usage-based policies, which helps some vehicle owners pay lower premiums if they can prove to be safe drivers or they drive less.
The Thai insurance market is steadily growing with strong upside potential in the penetration rate of insurance telematics and stolen vehicle recovery. Millions of devices have been deployed over the last 20 years, but the key market players are now looking to enhance the performance of their technology and the services they offer, providing the ideal conditions for Intercept IP’s proposition.
According to the World Health Organization, Thailand has the second highest road traffic fatality rate in the world at 36.2 per 100,000 with an annual estimate of over 24,000 deaths or 66 deaths every day. While globally 49% of road traffic deaths are among vulnerable road users (pedestrians, cyclists and motorcyclists), it is 83% in Thailand including 73% among motorcyclists or 48 per day. Additionally, Thailand loses 3 to 5 % of its GDP due to road traffic crashes.
Michael Abood, CEO of BioWatch says, “The opportunity to help reduce this number is enormous, road safety is now the focus of the Thai authorities”.
Intercept IP and BioWatch, will provide access to Intercept IP’s unique enabling technologies – including hardware, middleware, platform and professional services – to insurance, fleet and telematics service providers.
Intercept IP will release the IC6 – a battery powered, self-installed insurance telematics device – followed by the IC8 – a connected car device designed for fleet, breakdown and remote diagnostics – shortly afterwards. Both products include unique intellectual property developed by Intercept IP, including crash and impact detection, driver identification and artificial intelligence.
Christian Galle, CEO of Intercept IP says:
“We are going through a time on unprecedented growth in the usage-based insurance telematics market. We have spent over 18 months designing and developing the next generation in telematics devices and building a middleware and platform offering that enables our clients to become market leaders. We are very excited to collaborate with BioWatch, who will help us take the technology into new markets.
Michael Abood, CEO of BioWatch says:
“BioWatch is extremely excited to partner with Intercept IP to provide effective solutions amid at understanding and improving road safety conditions in Thailand in partnership with our insurance, large fleet, and government partners. Thailand road accident rates and associated injuries and fatalities are among the highest in the world and we are proud to join forces with Intercept IP and our local partners to make any possible improvement to save lives and improve road safety conditions by understanding driver behaviour and taking measures to improve driving habits on Thailand roads.”