Automotive Usage Based Insurance Market Reaching New Height| Leading Players Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service, AXA Insurance, UnipolSai Assicurazioni, MetaSystems

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.

The key players profiled in the automotive usage based insurance market report includes 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. Several other companies are also functioning in the market which adds substantial revenues in the market year on year.

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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.

The report focuses on an in-depth segmentation of automotive usage based insurance market based on technology fitted and policy type. The geographic segmentation of the report covers major regions including; North America, Europe, Asia-Pacific (APAC), and Rest of World (RoW). The regional market has been further bifurcated by respective countries. By policy type, Pay-How-You-Drive policy type segment accounted for the largest share of the automotive usage based insurance market in 2018.

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.

In the recent few years, automotive UBI market has noticed noteworthy M&A and partnership activity. Some of the significant deals include Trak Global Group's acquisition of Intelligent Mechatronic Systems Inc. in 2018 and Octo Telematics acquisition of Willis Towers Watson's DriveAbility solution and the DriveAbility Marketplace in 2017. Also, in 2018, Vodafone and Generali Spain joined forces with an aim to promote digital transformation in the telematics insurance segment. Moreover, in 2016, Intact Financial Corporation invested in Metromile, a car insurance company based in San Francisco.

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The report segments the Global Automotive Usage Based Insurance Market as follows:

Global Automotive UBI Market - By Technology Fitted

Smartphones
Black Box
Dongles
Others

Global Automotive UBI Market - By Policy Type

Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)

Global Automotive UBI Market - By Geography

North America
U.S.
Canada
Mexico

Europe
Germany
Italy
UK
Rest of Europe

Asia Pacific (APAC)
Australia
China
Singapore
Rest of Asia-Pacific

Rest of World (RoW)
South Africa
Rest of RoW

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