Targa Telematics Recognized with Frost & Sullivan's 2024 European Customer Value Leadership Award for Its Pioneering Role in Telematics Insurance Solutions
Targa Telematics delivers cutting-edge technology and tailored insurance solutions to its clients, setting a new benchmark in the industry and generating substantial insurance cost savings.
SAN ANTONIO, July 10, 2024 /CNW/ -- Frost & Sullivan recently researched the telematics insurance industry and, based on its findings, recognizes Targa Telematics with the 2024 European Enabling Technology Leadership Award. Targa is a leading innovative solution provider that enhances driving behavior analysis, risk assessment, and insurance personalization for short- and long-term rental companies, leasing and insurance operators, and large fleet managers.
Targa's state-of-the-art technology platform and deep industry knowledge help European insurers stay ahead of the curve by offering comprehensive solutions that encompass hardware, software, and data analytics. The company's telematics platform provides real-time data on driving behavior, vehicle usage, and environmental conditions, enabling insurers to develop more accurate risk profiles and tailor their policies to individual drivers. By integrating advanced machine learning algorithms and artificial intelligence, the company delivers highly personalized and efficient insurance products that meet the evolving needs of its clients.
A dedication to insurtech innovation and customer-centric solutions is reflected in Targa's collaborative approach with clients. The company works intimately with insurers to understand their unique challenges and develop tailor-made solutions that cater to their needs. With this collaborative approach, Targa has successfully implemented numerous telematics insurance programs across Europe, providing significant value to insurers and policyholders, reducing accidents, and dramatically lowering costs.
"Moreover, the growing adoption of connected vehicles, coupled with advancements in in-car services, data generation, and safety awareness, has led to increased demand for tailored insurance solutions in Europe. Targa's expertise in technology and understanding of regional needs positions the company as a valuable partner for insurers seeking to implement successful telematics insurance programs," said Parduman Satpal, Senior Research Analyst - Mobility Media at Frost & Sullivan.
Targa is positioned at the forefront of this shift, providing insurers with the tools to develop and deploy effective insurtech programs. Moreover, the company enables insurers to enhance risk assessment processes, provide more accurate assessments, and improve customer satisfaction.
With the ability to adapt to regional needs and regulatory environments, Targa has further solidified its position as a leader in the industry. A deep understanding of local markets allows the company to create highly relevant solutions for European markets, such as Spain, France, Belgium, Poland, and Italy. This localized approach ensures that Targa's clients can meet the ever-evolving needs of their customers while complying with regional regulations and standards.
"[Targa] commands over 35% market share for installed insurance telematics devices across Europe; its diverse range of products tailored to different consumer segments positions it as a comprehensive solution provider for all telematics-related insurance needs," noted Samantha Fisher, Best Practices Research Analyst.
Each year, Frost & Sullivan presents this award to a company that develops a pioneering technology that enhances current products and enables new product and application development. The award recognizes the high market acceptance potential of the recipient's technology.
Nicola De Mattia, CEO of Targa Telematics, remarked: "Targa Telematics offers a range of products for the insurance market, enabling the development of detailed and reliable profiles, as well as optimal risk management, both for private and corporate clients and for insurance companies. This award highlights the value that Targa Telematics brings to the insurance market, thanks to its constant drive for digital innovation and its deep understanding of both industry dynamics and the specific needs of insurance clients. A solid positioning recognized internationally, further strengthened by the acquisition of the Viasat Group and Drive-IT"
Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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About Targa Telematics
Targa Telematics is one of the leading global players in the field of IoT and in the development of digital solutions and platforms for connected mobility.
With over 20 years' experience in connected vehicles, it provides technological solutions in telematics, smart mobility and digital IoT platforms for mobility operators. The company targets short- and long-term tenants, large financiers and large fleets, with a range of services from insurance telematics to asset and fleet management, remote diagnostics and telemetry for vehicles, professional and construction site vehicles, as well as airport service vehicle management.
With the acquisition of the Viasat Group in 2023, Targa Telematics has strengthened its presence in European markets, with a strong presence in Italy, England, France, Spain, Portugal, Belgium, Poland and Romania, as well as in Chile, with the capacity to operate within international projects with fully dedicated local teams.
Targa Telematics is a participant in the United Nations Global Compact and shares its principles based on a responsible business approach.
TARGA TELEMATICS
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SOURCE Frost & Sullivan
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