IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of software services for the consumer and commercial automotive industry, today provides a progress update on key initiatives along with the CEO’s assessment of opportunities for growth.
IGEN’s Driver Telematics Signature Patent:
Patent No. 11,037,378 was issued from the U.S. Patent Office on Tuesday, June 15, 2021. This U.S. patent becomes enforceable on the day of issuance. The DTS Patent is a method and system designed to create a unique signature of driver performance, driver habits, and risk assessment of driver maneuvers. The market opportunity for IGEN is to establish a standard of measurement for driver risk and behavior regardless of the type of vehicle or source of the data (e.g., smartphones, vehicle-based GPS systems, and artificial intelligence). The DTS Patent will reduce what the insurance industry refers to as “rating-errors” equating to loss of revenue for the insurer from not having an accurate assessment of driver performance and policyholder misinformation. According to the most recent studies published by Insurance Journal, the cost of rating errors exceeded $15B in 2010 with approximately $8B attributing to missing information on driving habits.
IGEN Networks and T-Mobile for Business Co-branded Medallion GPS for Light Commercial Fleets:
The launch of Medallion GPS through T-Mobile Business SMB channels is a unique offering based on IGEN’s NextGen platform. Medallion GPS is optimized for Light Commercial Fleets or vehicles with a gross vehicle weight of no more than 3.5 metric tons. Light Commercial Fleets represent the least penetrated market segment using fleet solutions with an estimated 6M new vehicles produced annually in the US. Medallion GPS offers an easy-to-use fleet solution at significantly lower costs for the Light Commercial Fleet owner. Fully tested and qualified for the T-Mobile Business channels, Medallion GPS revenue contributions are expected for the second half of 2021.
County Executives of America brands IGEN’s Fleet Solution:
County Fleet Management is based on IGEN’s NextGen platform optimized for Light Commercial Fleets. There are over 700 Counties that work with the County Executives of America representing an estimated 350,000 Light Commercial and Passenger vehicles across the US. A key aspect of the County Fleet Management offering is IGEN’s DTS Patent providing the capabilities to measure driver habits, driver safety, and risk assessment. Many of the Counties are self-insured which makes it compelling for Counties to use County Fleet Management Services enabled through IGEN’s DTS Patent. Initial trials are expected with 3-5 Counties for the second half of 2021 as Federal funding is made available.
IGEN Launches Industry’s First Consumer Brand Product “FamilyShield” to protect Young Drivers:
From date of launch in April 2021, 18,000 households located in Orange County, Southern California, Dallas, Texas and Tampa Bay, Florida have received direct-mailings combined with social media campaigns launched across platforms that include Facebook, Google, YouTube, and Gmail. Online conversion rate for the initial campaigns is expected to reach 2-3% penetration level. Further marketing campaigns are planned along with establishing a mainstream online purchasing channel.
IGEN signs Sales & Marketing Agreement with Michigan Credit Union League Service Corporation (MCULSC): Michigan Credit Union League Service Corporation (MCULSC) is a Credit Union Service Organization offering IGEN’s CU Trak product and services to Michigan Credit Unions and their members. To-date much of the sales activities to Credit Unions in Michigan State and across the US markets were curtailed by COVID as many of them operated with limited access. Post-COVID trends are looking very promising with the increase in membership loans for car purchases supported by Federal subsidy programs. Revenue contributions from the sale of CU Trak to Credit Unions in both Michigan State and across the US are expected to increase several-fold during the second half of 2021.
In summary, CEO Neil G. Chan stated, “Despite the challenges of the pandemic and its impact on our primary markets, we were able to focus on creating new products and channels in anticipation of new growth opportunities. We see more car loans, especially in pre-owned vehicle segments, an increase in actuarial risks with drivers and autonomous driving technologies, and significant Federal Government support to Counties across the US with the new administration. IGEN is positioned to participate in these market trends during 2021 and beyond.”