APAC To Foster Global Usage Based Insurance Market Outlook Between 2019-2026

Global usage-based insurance (UBI) market is projected to witness heavy gains in the forecast timespan owing to the steady uptake of UBI platforms across the insurance sector. Through these platforms, insurance companies aim to align insurance premiums and accurately track driving patterns with estimated risks.

As per a research report by Global Market Insights, Inc., global usage-based insurance market is estimated to surpass $115 billion by 2026.
Increasing collaborations between solution providers and insurance companies would likely be a key factor pushing 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.

Numerous benefits offered by telematics solutions to customers, when installed on smartphones, are some of the major reasons driving the smartphone segment. In fact, the smartphone segment is expected to dominate the market in the coming years.

It is estimated to grow at an impressive CAGR of 35% between 2019-2026. Ease of use and rapid proliferation of smartphones across the world would likely add up to the segment growth. Telematics solutions offer various benefits to evaluate the driving style of customers and then making necessary modifications to decrease high premiums.

Meanwhile, the industry is also set to record momentous growth due to some regional determinants owing to the growth of telematics solutions.

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 market expansion.

Apart from surging telematic solutions, automotive manufacturers in APAC are partnering with insurance providers for developing insurance products that are consumer centric. Citing an instance, in 2017, Toyota and MS & AD Insurance Group’s Aioi Nissay Dowa Insurance together launched the first driving behavior-based telematics automobile insurance of Japan.

With respect to safety concerns and cost efficiency, the PHYD (Pay-How-You-Drive) insurance package is projected to witness lucrative growth through 2026. The segment held a market share of more than 70% in 2018 and is projected to dominate the UBI market in the coming years.

The growing popularity of PHYD in consumers for reducing insurance premiums would propel the segment growth. Earlier, insurance models were based on the driving history of the driver. However, PHYD insurance focuses on current driving behavior to reduce insurance premiums. In fact, customers are utilizing the PHYD policy to decrease careless driving and implementing safe driving methods to earn incentives and rewards.

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Elaborating further on PHYD segment, the policy is also beneficial for insurance providers. This policy helps in reducing unanticipated accident risks, fraudulent cases, and lower insurance claims. Furthermore, merging of services like theft insurance programs and vehicle wellness reports with PHYD packages would further drive the UBI market growth.

All in all, the above-mentioned determinants would offer a wide range of opportunities for UBI market players in coming years. The competitive landscape of global user-based insurance market includes players like Generali, Octo, Progressive, UnipolSai, Desjardins Group, Nationwide, AXA, Sierra Wireless, Allstate, State Farm, Liberty Mutual, and Allianz among others.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope
1.1.5. Definition
1.1.6. Methodology and forecast parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
1.2.2.1. Paid sources
1.2.2.2. Public sources

Chapter 2. Executive Summary
2.1. UBI technology industry 360º synopsis, 2015- 2026
2.1.1. Business trends
2.1.2. Region trends
2.1.3. Package trends
2.1.4. Technology trends
2.1.5. Vehicle type trends

Chapter 3. UBI technology industry Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015-2026

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/usage-based-insurance-ubi-market

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About Global Market Insights, Inc.
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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