Press release
What's Driving the Usage-based Insurance Market Trends? Allianz, Allstate, AXA, Cambridge Mobile Telematics, Danlaw, Inc., Desjardins, Metromile, Nationwide, Octo Technology
Increasing collaborations between solution providers and insurance companies would likely be a key factor pushing usage-based insurance market growth. From these partnerships, insurance firms are focusing on using embedded telematics solution to grow their profitability.
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Citing an instance, in September 2017, Car Security started using CrashBox, a vehicle risk management platform and the telematics technology stack of CalAmp. The primary aim of the company behind move was to streamline the company's connected car offerings.
In addition, insurance companies are also collaborating with software firms to provide smartphone-based telematics insurance programs to customers and set themselves apart from the competition. Citing an instance, in August 2018, NJM Insurance Group collaborated with IMS for a new smartphone-based telematics program. NJM leverages the smartphone telematics of IMS to promote customer safety by offering rewards to safe drivers through a driver scoring system.
A PHYD policy helps reduce unexpected cases of fraud & accident risks and also lowers the insurance claims that make it beneficial for the insurance providers. PHYD insurance package segment had accounted for more than 70% of global usage-based insurance market share on account of the rising popularity of the model among customers for the reduction of insurance premiums.
The NJM Insurance Group had selected IMS for the new insurance telematics program based on smartphones in 2018. NJM utilizes smartphone telematics of IMS for the promotion of safety among the consumers by offering rewards to the safe drivers as well as applying driver scoring. The smartphone technology segment will observe a massive growth, registering more than 35% CAGR over 2019-2026 owing to the rapid adoption of the smartphone devices and its easy to use properties.
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APAC usage-based insurance market is anticipated to observe heavy gains and grow at a CAGR of 26% through 2026. Increasing the usage of telematic technologies by insurance providers in the region would outline the overall market outlook.
Japan and China are at the forefront when it comes to using telematics technologies. In addition, the commercialization of UBI technologies across developing countries like Thailand, Vietnam, and India would further aid the usage-based insurance market expansion.
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