NEWS! GEN's CEO provides mid-year progress update for 2022
"Growth and market leadership across consumer and commercial brands"
Lake Elsinore, CA -- June 29, 2022 -- InvestorsHub Newswire -- IGEN Networks Corporation (OTC: IGEN, CSE: IGN), a leading innovator of Internet of Things (IoT) solutions for the consumer automotive and commercial fleet industries, today provides a mid-year progress update on key initiatives and opportunities for growth:
Intellectual Property Portfolio
IGEN's intellectual property portfolio will focus on normalizing the "big data" elements that influence driving habits along with correcting gross errors in assessing driver performance and driver behavior. Reducing what the insurance industry refers to as "rating-errors" is the single biggest opportunity for insurance companies. With an estimated $8B of annual rating-errors attributed to not understanding driver behavior, IGEN is positioned as a disruptive force in establishing actuarial metrics for the insurance industry along with providing a safer environment for drivers and their families. Key initiatives for IGEN for 2022 will be to strengthen its patent portfolio in the area of Artificial Intelligence (AI), in-particular as it pertains to electric vehicles (EV) and their inherent ability to collect data from a broad-range of external sources.
Consumer Product Brands and Markets
IGEN's consumer brands Nimbo Tracking, CU Trak, and FamilyShield have seen significant growth and channel expansion during the first six months of 2022. Nimbo Tracking sold through automotive dealerships and CU Trak marketed through Credit Unions are based on multi-year contracts with annual renewal options for the consumer. FamilyShield sold through Amazon.com was the industry's first direct-to-consumer brand.
Nimbo Tracking has secured 11 new franchise and pre-owned dealerships located in 5 states during the first six months of 2022 that account for approximately 2000 vehicles across a broad range of automotive brands. Through recently appointed distributors and agents, Nimbo Tracking has forecasted an expansion of 12 additional automotive dealerships during the second half of 2022 with monthly inventory levels reaching 5000 vehicles at penetration rates of 15% to 50% of vehicles sold with Nimbo Tracking services each month.
CU Track primarily marketed through Michigan Credit Union League Service Corporation (MCULSC) representing approximately 80 credit unions located in seven districts, successfully launched the CU Trak program in early 2022. Upper Peninsula credit unions were the first to deploy CU Trak services with ongoing expansion following the initial launch in April 2022. Post-COVID in 2022 looks very promising for CU Trak sales as Credit Union trends indicate an increase in higher risk loans for car purchases supported by Federal subsidy programs. Revenue contributions from CU Trak services are expected to increase several-fold with the addition of 8-10 Credit Unions from existing channels and the expected expansion of Latin American sponsored sales channels in the second-half of 2022.
FamilyShield sold directly to the consumer through Amazon.com and IGEN's Shopify website has been successful for customer renewals and B2B sponsored channels. In particular, driving schools across the US including government sponsored safety programs have offered the most promise for 2022 revenue contributions.
Commercial Fleets and Markets
IGEN's commercial fleet brands Medallion GPS and Medallion GPS PRO offer state-of-the-art fleet solutions for a complete range of Light-to-Heavy Duty commercial vehicles with its patented DTS capabilities to measure driver performance and safety. IGEN's recent award to provide Medallion GPS fleet services to New York State Counties offers an exclusive opportunity for Counties and State governments to manage their self-insured assets. The opportunity base for Medallion GPS with the Counties in NY State is estimated at 12,000 commercial vehicles. In addition, through IGEN's partnership agreement with the County Executives of America(CEA), Medallion GPS will be marketed to 700 CEA members that own and manage approximately 350,000 commercial vehicles across the US.
