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Automotive Usage Based Insurance Market to have Huge Impact in Coming Years by 2027 - Key Player Analysis: Allianz Insurance, TomTom Telematics, Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service, AXA Insurance, UnipolSai Assi
Automotive Usage Based Insurance Market to 2027
Global Automotive Usage Based Insurance Market is expected to grow from US$ 15.62 Bn in 2018 to US$ 105.12 Bn in 2027 at a CAGR of 23.6% between 2019 and 2027.
Automotive usage based insurance market is experiencing high growth across the globe, with the increasing adoption of mobility-as-a-service worldwide. Furthermore, the different reward programs offered by insurers is another factor propelling the market growth.
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Pay-as-you-drive (PAYD) insurance is a method that calculate rates on a constant basis, generally monthly. These rates are based on the information gathered on how much you drive. Therefore, changes in driving patterns monthly is reflected on customers’ premium. If a customer has driven long distances in a particular month then, higher rate is expected. This type of UBI is dynamic in nature and reflects changes in behavior quickly. One of the biggest restrain for PAYD market growth is the installation of GPS device in the vehicle. The installation of device results in sharing information with the insurance provider thus, several customers consider it as an invasion to their privacy. However, increasing trend for mobility-as-a-service is expected to drive the PAYD market growth.
UIB utilizes actual driver data for calculating the premiums, which are more discrete and precise than traditional methods. This results in potential savings to the customers. The two basic types of automotive UBI includes pay-as-you-drive and or pay-how-you-drive. Each of these types are analyze slightly different information to determine premium rates for customers’.
Key Players operating in the Automotive Usage Based Insurance Market-
1. Vodafone Automotive
2. Liberty Mutual Insurance Company
3. Allianz SE
4. TomTom Telematics
5. Allstate Insurance
6. Octo Telematics
7. Metromile
8. Siera Wireless
9. Ingenie Service Ltd.
10. AXA SA
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The report aims to provide an overview of the global automotive usage based insurance market with detailed market segmentation. Also, it analyzes the current automotive usage based insurance market scenario and forecasts the market till 2027. The report covers market dynamics affecting the automotive usage based insurance market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the automotive usage based insurance market with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the automotive usage based insurance market along with their market strategies. The report also provides PEST for all four regions and SWOT analysis for all company profiled in the report.
The matured markets in global automotive usage based insurance market accounted for the US, Italy and the UK, owing to which North America led the market followed by Europe. The dominance of North America in global automotive usage based insurance market is due to the fact that, the country houses a large number of automotive OEMs, telematics companies, and insurance companies.
Additionally, the trend of adoption of newer technologies and solutions is also high in the country, which has pushed the residents to opt for telematics insurance. Moreover, the region is one of the precursors of mobility-as-a-service across the globe, and the MaaS market has propelled extensively over the years in the region and is also continually witnessing upward trends.
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