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Why usage-based insurance market is growing rapidly.? Allstate, AXA, Liberty Mutual Insurance, MAPFRE, Nationwide, Vodafone Automotive

Usage-based Insurance (UBI) Market

Usage-based Insurance (UBI) Market

Usage-based Insurance market is expected to witness a sharp growth over the forecast timeline owing to the rapid development and adoption of connected cars. These cars are equipped with sensors that monitor miles driven, location, route, driver's behavior, and vehicle data including the temperature and tire pressure. This data is then used by the insurers to influence driving behavior, increase claim-processing efficiency, and lower insurers' losses by enabling the detection of fraudulent claims. Other factors driving the Usage-based Insurance market growth are the penetration of insurance telematics in passenger & commercial vehicles and the growing trend of Try-Before-You-Buy (TBYB) insurance packages.

Usage-based Insurance 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 Usage-based Insurance has accelerated the automotive insurance industry's profitability. Usage-based Insurance 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.

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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 Usage-based Insurance 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 Usage-based Insurance market growth over the forecast timeline.

Company profiled in usage-based insurance market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Allianz Insurance
2. Allstate Insurance Company
3. AXA
4. Desjardins Group
5. Liberty Mutual Insurance
6. MAPFRE
7. Nationwide
8. Octo Technology
9. Sierra Wireless
10. UnipolSai Assicurazioni S.p.A.
11. Vodafone Automotive SpA

The TBYB model allows drivers to use a smartphone application that gathers data, enabling insurers to analyze risks before insuring the driver. The new solution also enables policy-holders to make sure that the policies are tailored according to their needs.

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 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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North America is projected to hold a dominant share of around 38% in the Usage-based Insurance 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 Usage-based Insurance market growth.

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.

The companies operating in the Usage-based Insurance market are introducing new products to cater to the needs of the passenger vehicle drivers and fleet managers. For instance, in October 2018, Autonet launched a Usage-based Insurance private car product for drivers using VisionTrack's video telematics solutions. This solution monitors the driving behavior and checks factors such as where the vehicle was driven and where it was kept overnight that can affect the insurance policy.

Insurance companies are also entering into strategic partnerships with the telematics solution providers for developing new solutions.

Browse Full Reports: https://www.gminsights.com/industry-analysis/usage-based-insurance-ubi-market

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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