Usage-based Insurance Market 2019 by Global Forecast Key Vendors MAPFRE, Nationwide, Allianz Insurance, Allstate, AXA, Liberty Mutual Insurance

Usage-based Insurance (UBI) market is projected to surpass USD 107 billion by 2024. The growing implementation of vehicle telematics to improve driving behavior and align car insurance premiums with the actual vehicle condition via UBI has accelerated the automotive insurance industry’s profitability. UBI relies on telematics data to evaluate risks based on each individual’s driving behavior, inclination towards safe driving practices, the current condition of vehicles and trip characteristics. By combining these factors with the traditional rating metrics, it enables insurers to offer the best drivers with a maximum discount and provides value-added services to serve customer interests more effectively. It also allows drivers to control the cost of their insurance by paying how they drive and provides them with a way to monitor real-time vehicle data.

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The PHYD segment is projected to hold a major market share of around 66% by 2024. PHYD insurance aims at charging premiums according to an individual?s driving habits, which help insurers to offer premiums that are more tailored to individual drivers. The insurers can set the rates based on driving skills and the time from when the user is most likely to be driving. Many insurers also share data with their clients to allow them to monitor their own driving behavior.

The commercial vehicles segment is estimated to show the fastest growth rate of over 18% from 2018 to 2024 due to the adoption of telematics and other vehicular technologies to support the growth of the commercial vehicle transportation industry. Commercial vehicles leverage these technologies to increase the driving efficiency via real-time communications. Transportation companies can share the telematics data with the insurance companies and help them in setting premium rates and discounts for customers based on their driving behavior records.

Growth drivers -

1. Growth of the automobile industry
2. Shifting focus towards remote diagnostic technology
3. Growth in the number of the connected cars bringing new UBI opportunities
4. Rising penetration of smartphones integrated with vehicle connectivity systems
5. Rapid use of UBI by insurance companies to improve profitability
6. Growing trend of Try-Before-You-Buy (TBYB) insurance model

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

Allianz Insurance, Allstate Insurance Company, AXA, Desjardins Group, Liberty Mutual Insurance, MAPFRE, Nationwide, Octo Technology, Sierra Wireless, UnipolSai Assicurazioni S.p.A., Vodafone Automotive SpA.

UBI Market, By Package

o Pay-How-You-Drive (PHYD)
o Pay-As-You-Drive (PAYD)
• Device-based
• Telematics-based

UBI Market, By Technology

o OBD-II
o Smartphone
o Blackbox
o Embedded Telematics

UBI Market, By Vehicle Type

o Passenger Vehicle
o Commercial Vehicle

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North America is projected to hold a dominant share of around 38% in the UBI market by 2024. The market growth is driven by an increase in the use of telematics systems that are equipped with features such as vehicle tracking systems, remote theft alarm, and driver assistance systems. The rising incidents of vehicle theft in this region are expected to augment the UBI market growth.

The OBD-II technology held a major market share of around 50% in 2017 and is projected to dominate the market between 2018 and 2024. Earlier OBD devices were used to read fault codes and parameters associated with the malfunctioning of the emission systems. But with the growing trend of IoT, OBD dongles embedded with sensors are being used to detect hard breaks and accelerations, thus determining driving patterns, fuel efficiency, and road conditions. As these dongles are easy to install, they are being widely used for tracking the vehicle?s systems and the driving pattern.

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Some of the major players of the operating in the UBI market are Progressive, Allstate, State Farm, AXA, Allianz, Liberty Mutual, Nationwide, Vodafone Automotive, UnipolSai, Generali, Octo, Metromile, TomTom, Insure The Box, Mapfre S.A, Zubie, Desjardins Group, Sierra Wireless, IMS, Cambridge Mobile Telematics, and Danlaw.

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