01-11-2019 04:27 PM CET - Business, Economy, Finances, Banking & Insurance
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Global Usage Based Insurance Market Business Growth Hacking Strategies - Key Players are Desjardins, Generali, MAPFRE, Metromile, Aviva, Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Octo Telematics, TomTom Telematics, Allianz Australia

Press release from: Data Bridge Market Research
Global Usage Based Insurance Market
Global Usage Based Insurance Market


Data Bridge Market Research always aims at offering their clients an in-depth analysis and the best research material of the Global Market. This new report on the Global Usage-Based Insurance Market is committed to fulfilling the requirements of the clients by giving them thorough insights into the market. An exclusive data offered in this Usage-Based Insurance Market report is collected by research and industry experts.

Global Usage-Based Insurance Market report covers scope and product overview to define the key terms and offers detailed information about market dynamics to the readers. This is followed by the regional outlook and segmental analysis. The report also consists of the facts and key values of the Global Usage-Based Insurance Market in terms of sales and volume, revenue and its growth rate.

Market Analysis: Global Usage-Based Insurance Market

The Usage-Based Insurance industry is largely based on the driver and the usage of his vehicle and the way he drives. The premium is calculated on these factors which induces lower insurance premium and motivates the user to drive safer. These factors are driving the market and growing the market value from an estimated value of USD 21 billion in 2017 to an estimated value of USD 87.32 billion by 2025, also registering a CAGR of 19.5%.

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Benefits of the report for Global Usage-Based Insurance Market

• What are the challenges being faced by the new entrants In Information and Communication Technology Industry

• Drivers and restrains of the Usage-Based Insurance market

• Key developments in the Usage-Based Insurance market

• Usage-Based Insurance Market volume

Key Insights in the report:

• Complete and distinct analysis of the market drivers and restraints

• Key Market players involved in this industry

• Detailed analysis of the Market Segmentation

• Competitive analysis of the key players involved

Recent developments:

• In September 2018, Allstate launched a product for life insurance which will pay on monthly basis rather than lump sum amount. This is consumer driven product which will help the company to cover more market share and to aware the people about life insurance.

• In October 2018, The Floow launches FlowFleet for the insurer who deals in commercial line. This helped the insurance company to better manage the risk and to provide the optimal premium price to their customer in the high premium rising market.

• In June 2018, Allstate launched pay per mile i.e. usage based insurance in New Jersey. This insurance gives more control to customer about their insurance premium and plans for using telematics services for better management in their insurance segment.

• In March 2018, Octo Telematics entered into partnership with Renault finance company to provide data analytics and services to its customer globally. This will increase the global market share of the company.

TABLE OF CONTENTS: Global Usage-Based Insurance Market

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: RESEARCH METHODOLOGY

PART 04: MARKET LANDSCAPE

• Market ecosystem
• Market characteristics
• Market segmentation analysis

PART 05: PIPELINE ANALYSIS

• Pipeline analysis

PART 06: MARKET SIZING

• Market definition
• Market sizing
• Market size and forecast

PART 07: PORTER'S FIVE FORCES ANALYSIS

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

PART 08: MARKET SEGMENTATION

• Segmentation
• Comparison
• Market opportunity

PART 09: CUSTOMER LANDSCAPE

PART 10: REGIONAL LANDSCAPE

• Geographical segmentation
• Regional comparison
• North America
• South America
• Europe
• MEA
• APAC
• Market opportunity

PART 11: DECISION FRAMEWORK

PART 12: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 13: MARKET TRENDS

PART 14: VENDOR LANDSCAPE

• Overview
• Landscape disruption

PART 15: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors

PART 16: APPENDIX

• List of abbreviations

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Competitive Analysis and Key Point: Global Usage-Based Insurance Market

The Global Usage-Based Insurance Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Usage-Based Insurance market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.

Competitors/Players: Global Usage-Based Insurance Market

• Allianz,
• AXA,
• Progressive Insurance,
• Allstate,
• Allstate Canada,
• Desjardins,
• Generali,
• MAPFRE,
• Metromile,
• Aviva,
• Admiral Group Plc,
• Ageas Group,
• Octo Telematics,
• TomTom Telematics,
• Liberty Mutual Insurance,
• Intelligent Mechatronic Systems – IMS,
• Mitsui Sumitomo Insurance Co. (Europe) Ltd,
• Watchstone Group plc,
• Allianz Australia,
• Aviva Canada,
• Allianz Asia Pacific,
• AXA Insurance Company,
• AXA US,
• Aviva Asia,
• AXA Italia,
• AXA UK,
• Ageas UK,
• Liberty Mutual Insurance Europe Limited

PROGRESSIVE CASUALTY INSURANCE COMPANY:

• In September 2017, the company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio

ALLSTATE:

• In September, Allstate launched a product for life insurance which will pay on monthly basis rather than lump sum amount. This is consumer driven product which will help the company to cover more market share and to aware the people about life insurance.

ALLIANZ:

• In January 2016, Allianz launched BonusDrive for their young customers having their own telematics which helped in better and safe driving with cost effectiveness. This launch reduced the premium by a good margin.

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Market Drivers:

• Reduced Premium costs in comparison to normal automotive insurance, also increase in the vehicle sales has raised the demand for insurance of vehicles

• Technology is projected to advance in the coming years and hence, Usage-Based insurance which is majorly dependent on the technological aspect is projected to register significant market growth

Market Restraints:

• Usage-Based Insurance is dependent on the driving score. The technology used to calculate these driving scores is expected to be expensive in future, therefore, increasing the cost of the insurance will be a major restraining factor

• Government regulations are not clear on Usage-Based Insurance, which makes the whole process complicated as no clear regulations are set for the users
Market Segmentation: Global Usage-Based Insurance Market

Based on region, the market split into

• North America,
• Europe,
• Asia-Pacific, and
• Middle East & Africa, and
• South America

The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others.

U.S. is expected to dominate the market due to the rising pool of elderly population and chronic disease patient pool. Telehealth will help to U.S. healthcare model to shift from episodic model to dynamic continuous monitoring, leading to betterment of healthcare.

By Technology

• On-board Diagnostics-II
• Smartphone
• Embedded System
• Black Box

By Device

• Bring Your Own Device
• Company Provided

By Vehicle Age

• New Vehicles
• On-Road Vehicles

By Package Type

• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)

By Electric & Hybrid Vehicles

• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle

By Vehicle Type

• Light-Duty Vehicle
• Heavy-Duty Vehicle

Customization of the Report

This report can be customized to meet the client’s requirements. Please connect with our sales team (sopan.gedam@databridgemarketresearch.com), who will ensure that you get a report that suits your needs.

About Data Bridge Market Research:

Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process.

Contact:

Data Bridge Market Research
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Email: sopan.gedam@databridgemarketresearch.com

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