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Asia-Pacific Usage Based Insurance Market Comprehensive Analysis By Major Key Players: Allianz, AXA, Progressive Insurance, Allstate, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc, Allianz Australia, Allianz Asia Pacific, Aviva Asia
Asia-Pacific Usage Based Insurance Market Trends and Share analysis
As name suggested usage based insurance is calculated by how corresponding vehicle is driven. In other words, usage based insurance is a kind of auto-insurance which totally depends on vehicle used, measured against time, distance, behaviour, place and others. These all usages can be measure using telematics technology; the technology is available in from of mobile application, pre-installed in the car’s network or it can be installed in USB port of the vehicle. Usage based insurance and telematics technology has wide range of benefits such as reverse gear indication, tracking of speeding, seat belt use, harsh braking, acceleration control, driver coaching by voice and others. These all benefits have potential to reduce road accidents.
Asia-Pacific usage based insurance market is expected to reach a healthy CAGR of 20.6% in the forecast period of 2019 to 2026.
Asia-Pacific, led by China, will drive the growth of usage-based insurance
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Usage-based insurance (UBI) is a telematics-based insurance service in which premiums are based on driving behavior of consumers. Type of road used, braking, and cornering pattern are amongst the factors according to which the premiums are charged. Usage-based insurance includes different services such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD).
Key Competitors: Asia-Pacific 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
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.
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Asia-Pacific Usage Based Insurance Market, By Package type (pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive
(MHYD)),vehicle type (light-duty vehicle (LDV), heavy-duty vehicles (HDV)), device offering (company provided, bring your own device
(BYOD)),technology (OBD-II, smartphone, embedded system, black box and others),vehicle age (new vehicles, on-road vehicles),electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV)), Countries (Japan, China, South Korea, India, Singapore, Thailand, Malaysia, Australia, Indonesia and Philippines ) – Industry Trends and Forecast to 2026
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