Rapid Growth of European Usage-based Insurance Market With Key Players Like Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc, Ageas Group, Octo Telematics, And others

Europe usage based insurance market is developing with the healthy CAGR of 18.6% in the forecast period of 2019 to 2026.

The Europe usage based insurance market research report is a comprehensive research report which includes every minute detail regarding the market. The report provides key market statistics which has been prepared considering past as well as upcoming market scenario. It is a valuable source of guidance which helps the new comers to establish their roots in the Europe usage based insurance market. This report is designed with careful endeavors attempted to contemplate the privilege and profitable data. Administrative situations that influence the different choices in the usage based insurance market are given a sharp perception and have been clarified properly.

This Europe usage based insurance market research report helps the clients to know about key market manufactures and players along with assessment of their market share. It provides CAGR forecast for estimated time period i.e. 2019-2026. The report features the different key factors just as regulatory rules that may affect the market in both the ways, either immediate or circuitous. The Europe usage based insurance Market report is implanted with a few outlines, figures, charts, and graphs to improve it reasonable for the customers. This report identifies opportunities in the automotive industry with the help of upcoming projects and CAPEX outlook.

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Usage-based insurance (or UBI) uses a special tracking device (usually placed within a client’s vehicle) to track driving behavior. The idea is that, by examining how a driver accelerates, brakes, and corners, an insurance company can determine a more appropriate premium for that client. Insurance companies who have adopted these programs also examine when a client drives and how much time they spend behind the wheel.

As name urged usage based mostly insurance is calculated by however corresponding vehicle is driven. In different words, usage based mostly insurance could be a quite auto-insurance that wholly depends on vehicle used, measured against the clock, distance, behavior, place et al. These all usages will be live mistreatment telematics technology; the technology is on the market in from of mobile application, pre-installed within the car’s network or it will be put in in USB port of the vehicle. Usage based mostly insurance and telematics technology has wide selection of advantages like reverse gear indication, chase of rushing, safety harness use, harsh braking, acceleration management, driver coaching job by voice et al. These all edges have potential to cut back road accidents.

Major Benefits of usage-based insurance:

Attracting low-risk drivers
Enhancing customer loyalty
Reducing claims costs
Increasing the number of potential touch-points per year
Providing personalized, revenue-generating, value-added services to insurance plans to serve customer interests more effectively

The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives

Key Players of Europe usage based insurance market

Some of the prominent participants operating in this market are 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

In August 2017, Cambridge Mobile Telematics (CMT) has launched powerful smartphone telematics program for commercial fleets. This launch has improved employee safety, reduce the number of accidents and claims and increase operational efficiency and performance. In September 2017, the company was awarded as the global pioneer in telematics insurance and champion for road safety by UK insurance sector This award made company more popular which further increases the overall sells. In September 2017, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio

In November 2015, Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular. In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application. In June 2018, Cambridge Mobile Telematics (CMT) was awarded as best auto digital insurance product award from TU-Automotive Detroi for DriveWell. This award made Cambridge Mobile Telematics (CMT) more popular which increases the overall income of the company

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Key Market Segmentation of Europe Usage Based Insurance Market
On the basis of package type, the market is segmented into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD). In 2019, the pay-as-you-drive (PAYD), market is growing at the CAGR of 18.8% in the forecast period of 2019-2026.

On the basis of vehicle type, the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicles (HDV). In 2018, light-duty vehicle (LDV) market is growing with the highest CAGR of 19.1% in the forecast period of 2019 to 2026.

On the basis of device offering, the market is segmented into company provided and bringyour own device (BYOD). The company provided market is growing at the CAGR of 18.0% in the forecast period of 2019-2026.

On the basis of technology, the market is segmented into OBD-II, smartphone, embedded system, black box and others. In 2018, embedded system market is growing with the highest CAGR of 19.2% in the forecast period of 2019 to 2026.
On the basis of vehicle age, the market is segmented into new vehicles and on-road vehicles. In 2018, on-road vehicles market is growing with the highest CAGR of 19.0% in the forecast period of 2019 to 2026.

On the basis of electric and hybrid vehicle, the market is segmented into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV).In 2018 Battery Electric Vehicle (BEV) market is growing with the highest CAGR of 19.3% in the forecast period of 2019 to 2026.

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