The situation is that – and this is all around the world. It’s very difficult to ensure motorcycles. It’s more risky to the insurance companies and it’s the nature of motorcycle. So the prices of insurance are very high. But on the other hand, it’s a segment which insurance company don’t want to believe – don’t want to leave. And on the other hand, the motorcycle dealers and producers want to find a solution for their customers. So we start, of course, which of these market. And as we did with the finance, as we did with the fleet management in the past, we were the first to build or to develop internally a unit, which is very, very customized for a motorcycle driver and a motor cycle, which included application include SVR, includes other sensors, which will create benefit to the drivers.
And we went with this to the market, and we see a lot of attraction. Now as every segment, when we start, if I’m not saying that tomorrow, it will be material because we have already 2.2 million subscribers. It takes time to show something which will be more material for, let’s say, to announce it and to see it in the results. But since we believe that this can be something material, something substance in the coming future, this is the reason why I decided to share it today to understand that we found in other segments, we do our best to penetrate and to lead this segment, specifically in Brazil and in Latin America. And really, I can’t now talk about numbers or who are the potential customers in terms of manufacturer or insurance companies.
But we really feel that it will happen and with attraction. And this is I believe, will be more substance in the coming or in the future years.
Abba Horwitz: Okay. Would this mean that using this product now an insurance company, do be more willing to provide a cheaper insurance alternative. And that’s what this product is doing? Or would it even would someone get this product without the insurance even?
Eyal Sheratzky: Okay. So some of the – this segment I would divide it to two. In one hand, it’s insurance companies that, of course, with the right solution, they will be able to join, let’s call it, our ICS Ituran [indiscernible] process also for motorcycles. And also in Brazil, especially, it’s very, very common to rent motorcycles and rental companies and the manufacturers actually spread motorcycles around the country for renting, whether it’s hourly renting like right kind of ridesharing or rented for like leasing. So in that case, those dealers and manufacturers also interesting in a solution to, I would say, to secure their assets, their assets, they rent it. So they want a solution because a financial – a high financial damage is when those motorcycle being still.
Abba Horwitz: Okay. And would it be safe to assume that you will be able to leverage the monitoring part of the business from the same infrastructure that you have currently?
Eyal Sheratzky: Of course. Everything we do, by the way. At the end of the day, I would say that it run today it’s a black box first. This black box can get any frame where we want. So, when we find a segment, we take the same black box, give it to our R&D people, and then they develop the firmware [ph], which will allow this black box to be offered to other segments. So, it’s like modules. So, in terms of technology, we use always the same technology. That’s why we can leverage it. This is why we can create operating leverage for those technology. On the other hand, in the service side, when we talk about SVR, this is our specialty. But when we talk about other services, of course, that we do on the job train and we learn what is the needs of the market, but we are a service company, so for us, it’s something that we must be excellent. So, in the end of the day, of course we use and integrate always our current infrastructure.
