Detailed Analysis on Insurance Telematics Market with Share, Size, Technology Advancement and Trends 2022 to 2027

Getting a discount on car insurance can be easy with Insurance Telematics. Most telematics car insurance companies offer discounts based on a driver's driving habits. Some use in-car technology such as OnStar, while others use a combination of these technologies. Different insurers use different methods for using insurance telematics, so that users can get familiar with how this technology works before signing up. Some insurers have adopted the usage-based approach for insurance telematics, which is similar to pay-as-you-drive (PAYD) or pay-per-mileage insurance. These programs allow insurers to tailor premiums based on the behavior and location of drivers. Insurance telematics is similar to the concept of financial credit scores.

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Competitive Landscape

Major companies contributing to the global insurance telematics market include Agero Inc, Aplicom OY, Masternaut Limited, Mix Telematics, Octo Telematics, Sierra Wireless, TOMTOM Telematics (TOMTOM), Telogis, Trimble Navigation, Verizon Enterprise Solutions, Davis Instruments, Meta Systems

Drivers

The increasing adoption among automobile insurance firms to track the driving behavior of their customers and accordingly avail their premium services to them is expected to drive the growth of the global insurance telematics market over the forecast period. For instance, in February 2022, Sensa, an automobile insurance firm, introduced insurtech MDgo, a crash detection technology developed for integration with auto-insurance products.

Product Type Segmentation Includes: Cloud, On-Premises

Application Segmentation Includes: Small and Medium Enterprises (SMEs), Large Enterprises

Moreover, increasing expenditure on digital marketing strategies to monitor customer reviews and adopt community-building measures is expected to supplement growth in the global insurance telematics market during the forecast period.

Restraints

Poor adoption in developing nations due to a lack of knowledge is expected to limit the global insurance telematics market's growth.

Opportunities

The imposition of favorable trading policies by several governments to reduce fraudulent activities on digital platforms, combined with the growing popularity across travel and hospitality sectors, is expected to provide lucrative growth opportunities for players in the global insurance telematics market.

Regional Analysis

Europe is expected to experience robust growth over the forecast period in the global insurance telematics market. A booming FinTech industry, growing government support, and a large consumer base are driving the growth of the insurance telematics market in this region.

North America is also expected to witness significant growth during the forecast period in the global insurance telematics market. Early adoption of brand-building campaigns by major automotive companies and an increasing adoption of car rental services are propelling the growth of the insurance telematics market in this region.

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Key Developments

State Farm partnered with Ford Motor Company in February 2022 to launch Drive Safe & Save Connected Car, a program that provides UBI (usage-based insurance) to drivers who own vehicles from model years 2020 and later.

In January 2021, General Motors announced the revival of its old GMAC insurance subsidiary as OnStar Insurance to capitalize on the booming auto insurance market in the U.S.

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