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Insurance Telematics Market - Global Industry Trends and Forecast 2017 - 2025

10-03-2017 11:43 AM CET | Media & Telecommunications

Press release from: Transparency Market Research Technology

Insurance Telematics Market

Insurance Telematics Market

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.

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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.

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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.

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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.

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