Ituran partners with Santander on embedded insurance

Ituran ‘s Brazilian subsidiary, Ituran Brazil, and Santander, are working to facilitate credit approval for customers who look to finance a new or used car.

This initiative brings together a suite of benefits such as lower interest rates and telematic services for customers who opt to install a vehicle tracker. In addition, the scheme incorporates credit insurance, to protect the financing which guarantees total or partial payment of the loan in case of inability to pay.

According to Cezar Janikian, Director of Santander Finance, the partnership will enable more people to have access to credit for financing vehicles, facilitating the purchase of new, semi-new or used vehicles. “Ituran’s technology will protect our customers’ assets and will also guarantee the Bank full loan security. For 2023, we expect strong growth in our offering of credit for automotive financing,” commented the executive.

Eyal Sheratzky, CEO of Ituran, emphasized that through this partnership, Bank Santander’s customers will be able to count on nationwide vehicle recovery services. “In addition, customers will have real-time visualization of their vehicle’s location through the Ituran application. This includes the ability to create movement alerts (virtual fences) as well as access to the vehicle’s location history,” he explains.

The partnership offers credit insurance as an additional benefit to the car owner at the time of vehicle purchase, managed by Zurich Santander. Ituran provides the vehicle tracker and all the remote monitoring services, providing an additional layer of security, particularly for those who cannot take out car insurance.