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Usage Based Insurance (Ubi) Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031

07-01-2024 12:53 PM CET | IT, New Media & Software

Press release from: Orion Market Research

Usage Based Insurance (Ubi) Market Size, Trends, Latest

The global UBI market is anticipated to grow at a CAGR of 27.9% during the forecast period. Due to the increasing demand for usage-based insurance for automotive continues, along with the strong ecosystem is getting created around connected automotive services. This ecosystem involves participants such as automotive IoT and insurance platform providers, data platform and analytics companies, automotive insurance black box and telematics providers, big data companies, and cloud service providers. For instance, in May 2019, TrueMotion, one of the leading smartphone-based telematics platforms, partnered with Unipol Group, one of the leading automotive insurance providers in Italy, to launch Italy's first smartphone-only telematics program. This partnership helped the company to provide next-generation auto insurance across Italy.

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Moreover, the growing availability of real-time data collection from vehicles is replacing traditional data sets containing risk profiles based on claims history. The growth in automotive telematics, demand for connected car services, and mobile-based telematics will create immense opportunities for players in the usage-based insurance industry. For instance, In June 2019, UnipolSai launched real-Time adjustment, 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 helps ease the use of the black box.

Global Usage-based Insurance (UBI) Market Report Segment

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 (Ubi) Market available @ https://www.omrglobal.com/industry-reports/usage-based-insurance-market

Usage Based Insurance (Ubi) Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Agero Inc
• Insurance Management Servicrs Co. LLC
• Insurethebox
• Liberty Mutual Insurance Group
• Masternaut Ltd
• Meta System S.p.A.
• MiX Telematics International (Pty) Ltd
• Nationwide Mutual Insurance Company
• Octo Group
• Progressive Corporation

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1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.

Visit more report at

https://www.linkedin.com/pulse/scaffold-technology-market-size-trends-latest-arti-vishwakarma-mlsof/

https://www.linkedin.com/pulse/aesthetic-threads-market-increasing-demand-growth-2031-vishwakarma-pyg5f

Media Contact:

Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research

About Orion Market Research

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 offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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