Automotive Usage-Based Insurance Market May See a Big Move | Allstate Insurance, Allianz, Assicurazioni Generali

Latest published market study on Automotive Usage-Based Insurance Market provides an overview of the current market dynamics in the Automotive Usage-Based Insurance space, as well as what our survey respondents—all outsourcing decision-makers—predict the market will look like in 2027. The study breaks market by revenue and volume (wherever applicable) and price history to estimates size and trend analysis and identifying gaps and opportunities. Some of the players that are in coverage of the study are Allstate Insurance Company, Allianz SE, Assicurazioni Generali S.P.A., Sierra Wireless Inc., Octo Telematics, Cambridge Mobile Telematics, TomTom International BV, Vodafone Automotive SpA, Metromile, Inc., AXA.

Get ready to identify the pros and cons of regulatory framework, local reforms and its impact on the Industry. Know how Leaders in Automotive Usage-Based Insurance are keeping themselves one step forward with our latest survey analysis

Click to get Automotive Usage-Based Insurance Market Research Sample PDF Copy Here @: https://www.htfmarketreport.com/sample-report/3748303-automotive-usage-based-insurance-market-3

Global Automotive Usage-Based Insurance (UBI) market was valued US$ 24.5 billion in 2019 and is projected to expand significantly with the CAGR of 24.39% from 2021 to 2026. The flexible insurance premium, lower accident & vehicle theft possibilities, accurate & timely data collection, and lower fuel consumption are the major factors driving the market.

The global insurance industry is emerging from a combination of financial turmoil and economic uncertainty. Nonetheless, industry fundamentals remain under intense pressure with significant challenges around price and service transparency, changes in regulations and distribution models, and the ever-present threat of new competitors. Above all, changes in consumer behaviours and expectations are some of the most challenging to keep up with. The explosion of digital and social platforms means new innovations in other sectors and retail environments directly influence the expectations of consumers - put simply, customers expect the kind of easy and transparent experience they have in other aspects of their daily lives, from their insurer.

Today, the internet and smartphones have changed the way people purchase insurance. Technology has made the insurance ecosystem simple, convenient, and easy. Now, the focus is on moving from generalization to personalization and Telematics or Usage-based Car Insurance will make it happen. In the insurance industry, Usage-Based Insurance (UBI) is the most popular use case of big data adaptation.

Browse for Full Report at @: https://www.htfmarketreport.com/reports/3748303-automotive-usage-based-insurance-market-3

Usage based insurance (UBI) provides an opportunity for insurers to tailor insurance to customers specific behaviours and usage patterns. UBI providers suggest an effective solution has the potential to reduce claims cost by 40%, reduce policy administration by 50%, substantially reduce acquisition cost and price policies more effectively. Insurance companies around the world are more and more attracted to the concept of usage based insurance. Today, in the motor insurance space alone, there are 165 deployments across 35 countries, representing approximately 5 million policies. While still a low base, the growth is exciting and promising.

In recent years, the User-Behavior Insurance (UBI) market has been developing rapidly, especially in the American and Europe. By analyzing the real driving behavior, UBI products can achieve the precise risk segmentation and improve the service quality of the insurance company. In addition, UBI products can provide avariety of value-added services. UBI products can also strengthen service innovationand enhance customer’s perception. Therefore, UBI leads to a revolution of the insurance industry, especially in product innovation and customer service.

Passenger vehicles and commercial vehicles are two major types of vehicles included in the automotive usage-based insurance market. The passenger vehicles dominate the market with total revenue of US$ 2.2 billion in 2019 and is expected to maintain its dominance during the analyzed period. For better understanding of the market penetration of Automotive Usage-Based Insurance, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada and Rest of North America), Europe (Germany, UK, France, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of the World. North America constitutes a major market for Automotive Usage-Based Insurance industry.

Enquire for customization in Report @ https://www.htfmarketreport.com/enquiry-before-buy/3748303-automotive-usage-based-insurance-market-3

In China, the auto insurance market becomes a competitive industry, meanwhile, the product homogenization phenomenon is serious. Hence, the commercial autoinsurance reform is inevitable. This brings new challenges to both the product inno-vation and the product pricing. Auto insurance, which is based on UBI, is a promising type of auto insurance recently. UBI auto insurance can meet the requirements of commercial insurance reform. Furthermore, UBI auto insurance can improve the profits of insurance company and the insurance service level.

Based on the package segment, Pay-How-You-Drive (PHYD) holds the major share of the global Automotive Usage-Based Insurance market with a projected revenue of US$ 8.8 billion in 2026 and is expected to grow at a CAGR of 28.03% from 2021 to 2026.

With the rapid development of mobile internet technology, intelligent mobilephones are widely used. Therefore, data collected by intelligent mobile phones is feasible and this provides the data sources for the auto insurance research and application.

Complete Purchase of Automotive Usage-Based Insurance Report 2021 at Revised Offered Price @ https://www.htfmarketreport.com/buy-now?format=1&report=3748303

Actual Numbers & In-Depth Analysis of Automotive Usage-Based Insurance Market Size Estimation and Trends Available in Full Version of the Report.

Thanks for reading this article, you can also make sectional purchase or opt-in for regional report by limiting the scope to only North America, ANZ, Europe or MENA Countries, Eastern Europe or European Union.

Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Unit No. 429, Parsonage Road Edison, NJ
New Jersey USA – 08837
Phone: +1 (206) 317 1218
sales@htfmarketreport.com

About Author:
HTF Market Intelligence consulting is uniquely positioned empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services with extraordinary depth and breadth of thought leadership, research, tools, events and experience that assist in decision making.

This release was published on openPR.