Cambridge Mobile Telematics (CMT) has acquired European telematics firm Amodo, which will now adopt the CMT name.
Driver risk measurement, proactive crash and claims services, and behavioral modification to reduce driving risk are among the main services offered by the combined group to customers including insurers, car manufacturers, gig companies, fleet operators and mobility companies.
In the US, CMT serves 21 of the top 25 insurers, the company says. But CMT says that telematics is "primed for significant growth in the European market, which has 277 million vehicles, matching North America".
CMT adds that Berg Insight forecasts that the number of telematics policies in Europe will grow over 21% each year to 2025.
Meanwhile, in Germany, actuary MSK predicts that 10 million drivers will participate in a telematics programme in the next two years.
The company also says 65% of European drivers say they would opt for usage-based insurance if their insurer offered it.
Marijan Mumdziev, Amodo’s CEO, will become CMT’s MD of Europe.
William Powers, CMT CEO, says: “We’re strengthening our European efforts by adding Amodo’s expansive market knowledge and deep relationships, and doubling our team in Europe to over 100 people to enable more European organisations to realise the incredible benefits of telematics — all while saving lives on the road.”
Mumdziev says: “From try-before-you-buy, to pay-as-you-drive, to pay-per-mile, our team has launched over 50 telematics programs over the past nine years. We look forward to bringing our capabilities and market expertise in Europe and beyond to CMT.”