Press release
Usage-based Insurance Market Outlook 2029: Presents Market Insights & Depth Analysis
Another factor includes the shifting of consumer demand toward more efficient smart vehicles that have remote vehicle diagnostic systems. The demand for remote vehicle diagnostic systems is increasing due to data-driven technology. The remote diagnostic technology brings a safety mechanism that will allow the vehicle to be monitored, and controlled using a remote operator. For instance, In June 2019, UnipolSai launched Real-Time adjustment, which is a process that allows the insured to receive a proposal from the adjuster within 24 hours of the claim, on the condition that there were no casualties. The process enabled ease of the use of the black box.
However, different requirements for automotive insurance in different regions create operational roadblocks for cross-state fleets. Hence, hamper the market growth. For instance, Illinois requires carriers to advertise their underwriting models, while California limits parameters for product pricing. Inconsistent requirements force insurance companies to provide innovative products and services that comply with regional regulations. Thus, the companies have to expand their overall product portfolio. In automotive usage-based insurance, the regulatory framework favors lower premiums for good driving behavior. Thus, uncertainty over regulations and legislative environments can restrict the growth of the usage-based insurance market for automotive.
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Usage-based Insurance (UBI)Market Segmentation
By Type
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
Others
By Technology
OBD II
Black Box
Smartphones
Others
By Vehicle Type
Light-duty Vehicle (LDV)
Heavy-duty Vehicle (HDV)
By Vehicle Age
New Vehicles
Used Vehicles
A full Report of Usage-based Insurance Market is Available @ https://www.omrglobal.com/industry-reports/usage-based-insurance-market
Regional Analysis
North America
United States
Canada
Europe
UK
Germany
Spain
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of APAC
Rest of the World
Company Profiles
Aioi Nissay Dowa Insurance UK Ltd.
Allianz SE
Allstate Insurance Co.
American International Group Inc.
Assicurazioni Generali S.p.A.
AVIVA Plc
AXA
Cambridge Mobile Telematics
Danlaw, Inc.
Desjardins Group
Insure The Box Ltd.
Intelligent Mechatronic Systems Inc.
Metromile Inc.
Nationwide Mutual Insurance Co.
Octo Technology
Progressive Casualty Insurance Co.
Sierra Wireless
State Farm Automobile Mutual Insurance Co.
UnipolSai Assicurazioni S.p.A.
Verizon Communication Inc.
Vodafone Automotive SpA
Zubie, Inc.
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Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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