Usage-based Insurance Market Worldwide Analysis, Trends, Forecast | Allstate, AXA, Liberty Mutual Insurance, MAPFRE, Nationwide, Allianz 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 profitability. UBI relies on telematics data to evaluate risks based on each individuals 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.

Industry 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:

1. Allianz SE
2. Allstate Insurance Company
3. ASSICURAZIONI GENERALI S.P.A.
4. AXA
5. Cambridge Mobile Telematics
6. Danlaw, Inc.
7. Desjardins Group
8. Insure The Box Limited
9. Intelligent Mechatronic Systems Inc.
10. Liberty Mutual Insurance
11. Mapfre, S.A.
12. Metromile Inc.
13. Nationwide
14. Octo Technology
15. Progressive Casualty Insurance Company
16. Sierra Wireless
17. State Farm Mutual Automobile Insurance Company
18. TomTom International BV
19. UnipolSai Assicurazioni S.p.A.
20. Vodafone Automotive SpA
21. Zubie, Inc.

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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. UBI helps in improving driver safety and reducing accidents by encouraging safe driving practices with a real-time feedback. Also, it provides fleet managers with deep insights about the drivers behavior, along with the fleet operating data that ensures safer fleet operations.

Table Of Content:

Chapter 3. UBI technology industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2015-2024

3.4. UBI technology ecosystem analysis

3.4.1. Insurance companies

3.4.2. Automakers

3.4.3. Telematics solution providers

3.4.4. Smartphone providers

3.4.5. Telecom service providers

3.4.6. OBD device manufacturers

3.4.7. End users

3.5. Advantages of UBI

3.6. Working/Architecture of UBI technology

3.7. Technology & innovation landscape

3.7.1. IoT

3.7.2. AI and machine learning

3.7.3. 5G

3.7.4. Manage-How-You-Drive (MHYD)

3.8. OBD Standards

3.8.1. The California Air Resources Board (CARB)

3.8.2. The U.S. Environmental Protection Agency (EPA) Heavy Duty Engine Standards

3.8.3. The Society of Indian Automobile Manufacturers (SIAM)

3.8.4. The European OBD Standards

3.8.5. OBD II Standards

3.8.6. China VI Emission Standards

3.9. Regulatory landscape

3.9.1. General Data Protection Regulation (GDPR), Europe

3.9.2. Telematics In-Vehicle USD Million (IVU) Functional and Technical Specification, Australia

3.9.3. Compliance and enforcement framework for heavy vehicle telematics, NTC Australia

3.9.4. CSA 2010 (Compliance and Enforcement Program), U.S.

3.9.5. Automotive Industry Standard (AIS-140) Regulation

3.10. Industry impact forces

3.10.1. Growth drivers

3.10.1.1. Growth of the automobile industry

3.10.1.2. Shifting focus towards remote diagnostic technology

3.10.1.3. Growth in the number of the connected cars bringing new UBI opportunities

3.10.1.4. Rising penetration of smartphones integrated with vehicle connectivity systems

3.10.1.5. Rapid use of UBI by insurance companies to improve profitability

3.10.1.6. Growing trend of Try-Before-You-Buy (TBYB) insurance model

3.10.2. Industry Pitfalls and Challenges

3.10.2.1. Data security and privacy concerns

3.10.2.2. Data quality issues with smartphone based UBI system

3.10.2.3. Increasing compatibility issues

3.11. Porter’s Analysis

3.11.1. Threat of new entrants

3.11.2. Threat of substitutes

3.11.3. Bargaining power of buyer

3.11.4. Bargaining power of supplier

3.11.5. Industry rivalry

3.12. PESTEL analysis

3.13. Growth potential analysis

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. According to the Insurance Information Institute, in 2017, around 773,139 vehicles were stolen in the U.S. as compared to 767,290 vehicles in 2016. The adoption of telematics-driven UBI helps insurers to improve profitability and reduce fraudulent claims. A massive growth of the connected cars market and an increased use of smartphone telematics for monitoring driver behavior will accelerate the UBI market growth over the forecast timeline.

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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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