Insurance Telematics Market - Global Industry Trends and Forecast 2017 - 2025
As the global insurance industry becomes more competitive, in terms of the number of carriers available across high-growth potential regions, cost of premiums, and the mounting number of claims from consumers, companies in the sector are resorting to innovative ways of validating claims and the data provided by consumers for deciding premiums. One of the these measures is the use of telematics - a digital device fitted by insurance companies in consumer vehicles to record data such as speeding patterns, distance travelled, braking and accelerating patterns, and the types of roads used.With all this data, insurance companies can gain a direct measurement of driver behavior and gauge patterns that denote dangerous or poor driving habits, and understand the innate risk involved in insuring a vehicle. While the technology is still in its early days of development, it is expected to become more competent through research and development activities.
The insurance telematics market has been able to tap an encouraging number of consumers across developed economies in regions such as North America and Europe and is expected to strengthen its roots in these regions in the next few years. Thriving automotive markets such as emerging economies across Middle East and Africa, Asia Pacific, and Latin America are projected to be relatively slow in adopting the technology owing to the low numbers of vehicle insurances and apprehensions among consumers regarding the misuse of data collected by telematics systems.
Browse Full Report With ToC @ https://www.transparencymarketresearch.com/sample/sample.php?flag=T&rep_id=25097
Insurance telematics refers to the usage of a ‘black box’ in a vehicle, by the insurance company, to monitor the driving patterns of the driver, for determining the price of the policy. It is mutually beneficial since the vehicle owner is provided with better safety options, while the insurance company can assess the risk better and determine the policy price accordingly. Insurance telematics functions through installation of a ‘black box’ inside a vehicle. The ‘black box’ is a recorder, which records different types of data, such as miles covered, types of roads travelled on, driving pattern, and speed of vehicle at different time points, vehicle braking pattern, vehicle cornering pattern and timings of travel among others. Such factors are monitored since all these data provides critical information to the insurance company. All these data are analyzed and based on the same the policy price for that vehicle is determined. For example, higher usage of the vehicle during peak hours increases the chance of accidents, and hence the price of policy increases, while driving within speed limits can lead to decrease of the policy price. The insurer, in general, charges a fee upfront. The fee commonly includes the price for the ‘black box’ and the installation charges, among others. Based on analysis of the data received, the premium price may increase or decrease or remain same, from month to month, or depending on the timeframe the insurer chooses. Certain insurers can also send the ‘black box’ to the client, for self installation, and then request the device to be sent back, post a certain timeframe.
The insurance telematics market is still a relatively new concept and is most often practiced in developed nations. The market is primarily being driven by the rising insurance claims from road accidents. As per the World Health Organization (WHO), an estimated 1.2 million people die from road accidents annually, while higher number of vehicular accidents is reported. Such high number of accidents led to large number of insurance claims, which leads to significant loss for the insurer. Hence, insurance companies are resorting to insurance telematics for offering better policy prices and lowering capital loss. This in turn has been furthering the growth of the market for insurance telematics. Additionally, the ‘black box’ installed offers security for the car as it can be tracked remotely, coupled with bettering of driving for the driver, among other advantages. Such advantages have been generating demand for insurance telematics from the vehicle owners also. This again has been positively impacting the growth of the insurance telematics market globally. However, factors such as privacy concerns and lack of standardized equipment among others, leads to uncertainty in installation of such devices in the vehicle. This in turn has been restraining the growth of the market for insurance telematics to some extent. Currently, insurance telematics has very low penetration rates in developing nations and hence is expected to be provided with high rates of application opportunities, during the forecast period.
Fill the form for an exclusive sample of this report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=25097
The global insurance telematics market is segmented, on the basis of region, into North America, Europe, Asia Pacific (APAC), South America and Middle-East & Africa (MEA). Europe was the largest market in 2016, followed by North America. Europe’s large market share can be attributed to the higher adoption of insurance telematics by the insurers and the growing acceptance from the vehicle owners.
The major companies of the insurance telematics market globally are Octo Telematics, Ltd. (The U.K.), Tomtom N.V. (The Netherlands), Verizon Enterprise Solutions (The U.S.), Trimble, Inc. (The U.S.), Mix Telematics (South Africa), Aplicom Oy (Finland) and Sierra Wireless (Canada) among various other companies.
About Us:-
Transparency Market Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers.
We are privileged with highly experienced team of Analysts, Researchers and Consultants, who use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Contact Us:-
Transparency Market Research
90 State Street, Suite 700, Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com/
Visit Blog: http://marketresearchreports2017.blogspot.in
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Insurance Telematics Market - Global Industry Trends and Forecast 2017 - 2025 here
News-ID: 751838 • Views: …
More Releases from Transparency Market Research Technology
Vehicle Analytics Market to reach US$10,215.5 mn by 2025 | Key Companies are Agn …
Vehicle analytics can be categorized as solutions implemented on vehicles that helps to gain insights about the vehicles. Vehicle analytics’ application range from the farmers to large scale fleet operators as these help them with a number of benefits like increased safety, faster threat detection, vehicle tracking, and monitoring the driving behavior among others
The advancement in technologies and enhanced safety provided by vehicle analytics are expected to be major drivers…
System Integration Market - Segment which Held the Share of 28.2% of the Total A …
The global system integration market was valued at USD 191.36 billion in 2013 and is expected to reach USD 377.59 billion by 2020, growing at a CAGR of 10.9% during the forecast period from 2014 to 2020. In terms of revenue, North America was the largest regional market for system integration which accounted for 33.0% of the total system integration market in 2013. Asia Pacific is expected to be the…
mHealth Services Market - Global Industry Size, Share, Growth, Trends and Foreca …
mHealth, a fast growing technology-driven service, is expected to change the way health services are delivered worldwide. It involves delivery of healthcare related services to end-users by medium of mobile phones (smartphones). Rising incidences of chronic diseases have elevated the need for accessibility of quality and low cost healthcare services for the masses. The situation has been further aggravated by the declining ratio of healthcare service providers to target population.…
Enterprise Video Content Management Market : Recent Industry Developments and Gr …
A fresh commerce and business study by Transparency Market Research (TMR) has observed that as small and medium enterprises (SMEs) mushroom across the world, the vendors who are ahead of the curve in the global enterprise video content management market will continue to find vast new opportunities, especially when they are willing to expand into the emerging economies in Asia Pacific. For instance, about a year ago, Panopto partnered with…
More Releases for Insurance
Household Insurance market by top keyaplayers - Discount Insurance Home Insuran …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance marketgrowth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market have also been included in…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Non-Life Insurance Market :Health Insurance, Property Insurance, Cargo Insurance …
Non-Life Insurance Market Overview:
Summary:Excellence consistency maintains by Garner Insights in Research Report in which studies the global Non-Life Insurance market status and forecast, categorizes and Equipment market value by manufacturers, type, application, and region.
Get Access to Report Sample: http://bit.ly/2Q9Hd8z
Non-Life Insurance market was valued at Million US$ in 2017 and is projected to reach Million US$ by 2025, at a CAGR of during the forecast period. In this study, 2017 has been…
Agricultural Insurance Market 2018-2023: AnHua Agricultural Insurance, Anxin Agr …
A new research study titled, “Global Agricultural Insurance Market” has been added to the comprehensive repository of Orbis Research
Agricultural Insurance Market - Global Status and Trend Report 2018-2023 offer a comprehensive analysis of the Agricultural Insurance industry, standing on the readers’ perspective, delivering detailed market data and penetrating insights. No matter the client is the industry insider, potential entrant or investor, the report will provide useful data and information.
The…
Insurance Market-Saga’s Retail Broking Business Offers Motor Insurance, Pet In …
Orbis Research Market brilliance released a new research report of 33 pages on title ‘Insurance Company Profile: Saga’ with detailed analysis, forecast and strategies.
Insurance Company Profile: Saga", profile provides a comprehensive review of Saga and its UK business. This includes its strategy for growth and focus on digitization as well as its performance in the UK and marketing and distribution strategy.
Request a sample of this report at http://orbisresearch.com/contacts/request-sample/2026595
Saga…