Cambridge Mobile Telematics (CMT), the world’s largest telematics service provider, announced that it has acquired Amodo, an award-winning telematics company based in Europe. The acquisition brings together two telematics companies with large and growing footprints in Europe, giving Amodo’s customers access to the most advanced telematics solutions for driver risk measurement, proactive crash and claims services, and behavioral modification to reduce driving risk. Amodo will adopt the CMT name.
CMT now powers over 95 active telematics programs in 25 countries, including nine in continental Europe. The world’s leading insurers, automakers, gig companies, fleet operators, and mobility companies offer these programs to consumers with a broad range of experiences and benefits. Users of these programs save money on insurance, become safer drivers by reducing risky behaviors such as phone distraction, and get automatic roadside assistance within minutes after a crash.
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“CMT is rapidly expanding its global footprint beyond the United States, where CMT serves 21 of the top 25 insurers. In just the past few years, we’ve become the trusted partner for insurers and mobility providers on five continents,” said William Powers, CMT’s Chief Executive Officer. “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 organizations to realize the incredible benefits of telematics — all while saving lives on the road.”
“We’re delighted to join CMT and unite behind their vision to make the world’s roads and drivers safer,” said Marijan Mumdziev, Amodo’s CEO, who will become CMT’s Managing Director of Europe. “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.”
With its increased popularity and expanded consumer applications, telematics is primed for significant growth in the European market, which has 277 million vehicles, matching North America. Berg Insight forecasts that the number of telematics policies in Europe will grow over 21% each year through 2025. In Germany, the actuarial firm MSK predicts that 10 million drivers will participate in a telematics program within the same timeframe. Since the onset of the COVID-19 pandemic, consumer interest in telematics programs has increased in continental Europe, with 65% of drivers saying they would opt for usage-based insurance if their insurer offered it. In 2020, the European auto insurance market reached €127 billion, excluding the UK.
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