Industry Background:
Usage based insurance for automotive also knows as pay as you drive or behavior-based insurance, where automotive telematics is used to monitor and measure metrics of driving habits of the drivers, like driving speed, hard barking incidents, and miles driven. The insurance companies install the devices to monitor and record the results which are used by the companies to provide the discounted automotive insurance.This growth is primarily driven by Rising Demand for Automotive Insurance for Covering Expenses and Need for Providing Safety and Coverage by Monitoring Driving Activities through Built-in Device.
Globally, a noticeable market trend is evident Evolving Automotive Telematics Technology in Offering Usage-based Insurance For Automotive
. Major Players, such as Progressive Corporation (United States), Allstate Corporation (United States), Nationwide Mutual Insurance Company (United States), Tata AIG General Insurance Company Limited (India), Liberty Mutual Group (United States), Axa S.A. (France), Acko General Insurance (India) and IMS - Part of Trak Global Group (Canada) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 4th June 2020, Tata AIG launched usage-based insurance cover for private car owners. Tata AIG General Insurance has joined the list of a select few insurers to offer usage-based insurance cover to private car owners which reduces the overall premium payout.
Market Drivers
- Rising Demand for Automotive Insurance for Covering Expenses
- Need for Providing Safety and Coverage by Monitoring Driving Activities through Built-in Device
Market Trend
- Evolving Automotive Telematics Technology in Offering Usage-based Insurance For Automotive
- Introduction of Gamification of Processes in Insurance Domain
Restraints
- High Risk Involved with Personal Data being Tracked and Analyzed in Usage-based Insurance For Automotive
Opportunities
Introduction of Auto Insurance Underwriting will Boost the Usage-based Insurance For Automotive
Challenges
Problems with the Driving Habits of Automotive Drivers Impacting the Usage-based Insurance For Automotive
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Usage based Insurance For Automotive Study Sheds Light on
— The Usage based Insurance For Automotive Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Usage based Insurance For Automotive industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
— Where Usage based Insurance For Automotive industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
— How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.