This study offers a comprehensive, 360 degree analysis on the Automotive Usage Based Insurance Market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Automotive Usage Based Insurance Market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
The Automotive Usage Based Insurance Market is estimated to reach US$ 105.12 Bn by 2027 from US$ US$ 15.62 Bn in 2018
Presently, insurance providers are inclined to follow either the two routes, i.e. installation of hardware devices, where devices are equipped to the policyholders’ cars or the low-priced smartphone app route. Both of these methods of tracking information have their advantages and disadvantages, however, they are not commonly exclusive. An insurance provider might want a customer to download an app and later shift to a plug-in device. To stay competitive in the market, the insurance providers need to build internal capability, i.e. significant investment and efforts are required to establish liaison with telematics service providers. Before selecting an appropriate method to track information, an insurance provider needs to make several considerations. Most of the insurance providers use on-board diagnostics systems, i.e. OBDII (black boxes or dongles). However, other providers offer smartphone apps that are easier to access and economical. Comparatively very few of the insurance providers offer both the hardware and smartphone app.
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Leading Key Market Players:- Vodafone Automotive, Liberty Mutual Insurance Company, Allianz Insurance, TomTom Telematics, Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service Ltd., AXA Insurance, UnipolSai Assicurazioni S.p.A., and MetaSystems among others.
- The study provides an in-depth analysis of the global Automotive Usage Based Insurance Market to elucidate the prominent investment pockets.
- Current trends and future estimations are outlined to determine the overall attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides information related to key drivers, restraints, and opportunities and their impact analysis.
- The market is analyzed based on various regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
Automotive Usage Based Insurance Market Report presents a complete assessment of the market and contains a market forecast, market share, market size, future trend, key players, current growth factors and industry validated market data.
The global automotive usage based insurance market for the technology fitted is fragmented into smartphones, black box, dongles, and others. The black box segment is expected to dominate the market in 2027. A black box is a small device that is installed in the customer’s car to measure vehicle location, speed, driving frequency, distance travelled, and time of the day or night the vehicle is in motion. Further, other driving behaviors can also be measured which includes monitoring braking, and cornering. This helps in building a comprehensive profile of the driver. The data gathered on driving behaviors provides information on how safe the driving pattern is. This information is then converted into a score that is used by the car insurance provider for creating a customized premium for the driver. Also, an insurance provider can reward a driver securing high score with a lower premium rate. However, issues related to data privacy is a major concern among customers. Sharing personally identifiable information of customers gathered from black boxes with third parties such as law enforcement agencies or banks may result in invasion of privacy. This may hinder the market growth to certain extent.
Besides this, the report analyzes factors affecting Automotive Usage Based Insurance Market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions considered in the global Automotive Usage Based Insurance Market report.
The report segments the Global Automotive Usage Based Insurance Market as follows:
Global Automotive UBI Market – By Technology Fitted
Global Automotive UBI Market – By Policy Type
Global Automotive UBI Market – By Geography
Rest of Europe
Asia Pacific (APAC)
Rest of Asia-Pacific
Rest of World (RoW)
Rest of RoW
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This post was originally published on The Picayune Current