Press release
The next decade to see the Automotive Usage Based Insurance Market being beckoned by Innovation
Advancement and development of Internet of Things (IoT) has generated a wave of connectivity, which had an influence in almost all industry verticals. The same wave also has significant impact on automotive and insurance industry. Insurance companies are increasingly utilizing IoT data to improve the precision in gauging risk, pricing policies, and estimating other necessary reserve.The advancement of IoT has led to introduction of insurance policies such as Automotive Usage-based Insurance (UBI). Automotive user based insurance can be defined as pay-as-you drive, pay-how-you drive and distance based insurance.
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Automotive usage based insurance is based on telematics, i.e. driving habits such as miles driven, driving speed and hard-braking incidents. Automotive usage based companies’ installs a telematics device to monitor and record the driving habits.
Automotive usage based insurance offer sever advantages over traditional insurance, it takes into consideration several factors including past driving history, make and model of vehicle, driving method to determine the insurance premium. Automotive usage based insurance utilizes real-time data to make decisions about insurance pricing and insurance type. Moreover, automotive usage based insurance offers high level of customization and flexibility to the end-users.
FACTS AT A GLANCE
Companies: Nationwide Mutual Insurance Company,Esurance Insurance Services, Inc.,The Travelers Indemnity Company,Progressive Casualty Insurance Company,Metromile Inc.,Liberty Mutual Insurance,Trak Global Group,Allianz SE,Desjardins Insurance,Insurance Box Pty Ltd
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Coverage: All major geographies and key segments
Segments: Insurance Type(Pay-how-you drive (PHYD),Pay-as-you drive (PAYD),Distance based insurance,Manage-how-you drive (MHYD)); Vehicle Type(Passenger cars,Light Commercial Vehicles,Heavy Commercial Vehicles); End User(Fleet Owners,Individual Owners)
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
ABSTRACT-
The global automotive user based insurance market is projected to witness significant growth during the forecast period. According to National Association of Insurance Commissioners (NAIC), about one-fifth of auto insurers will offers automotive usage based insurance in the next five years.
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Some of the key driving factors for the growth of global automotive usage based insurance includes increasing production and sales of automobiles, particularly in the developing countries, changing demographic trend, changing driving habits and increasing number of affluent middle class population.
Furthermore, steady growth and advancement of IoT is expected to further augment the growth of automotive usage based insurance market during the forecast period.
Automotive usage based insurance offers a win-win situation for both insurance providers and policyholder. Some of automotive usage based insurance companies offers incentives for the driver to adopt safer driving practices this in turn, results in reducing the number of accidents and hence, the number of claims the insurance company has to pay out.
Furthermore, among various type of insurances, distance based insurance has been witnessing resurgence in the market place, particularly in the European region. This can be attributed to development of telematics. Furthermore, distance based insurance offers several advantages such as quick to implement, offer more transparency and enables policyholders to effectively choose right insurance meeting their lifestyle needs and values.
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