About Automotive Embedded Insurance
Automotive Embedded Insurance is a one-of-a-kind insurance policy designed to protect vehicle owners from financial losses caused by vehicle damage or theft. A motor insurance policy can be purchased whether customers own a private car, a commercial vehicle, or a two-wheeler. The embedded insurance model includes insurance coverage when a customer buys a product or service. It is included as a feature of the product, as an incentive to buy. For example, most car-sharing services include auto insurance as part of the price.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. One of the most important components for carriers to get ahead is an innovative digital distribution model. As more legacy businesses go digital, the next step is to enable the Application Programming Interfaces required for an omnichannel approach. The key player in the market focuses on technological development such as AI and software launching for embedded Insurance. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Automotive Embedded Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Qover SA (Belgium), Wrisk (United Kingdom), The Travelers Indemnity Company (United States), Kasko (United Kingdom), ELEMENT Insurance AG (Germany), Cover Genius Pty Ltd (United Kingdom), Liberty Mutual (United States), bsurance GmbH (Germany), Penni ApS (Denmark) and HeyCar Motor Insurance (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are General Motors Insurance (United States), GEICO (United States), Wagonex (United Kingdom) and Allstate (United States).
Segmentation Overview
AMA Research has segmented the market of Global Automotive Embedded Insurance market by and Region.
On the basis of geography, the market of Automotive Embedded Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. APIs will boost the Automotive Embedded Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering, the sub-segment i.e. Product Based will boost the Automotive Embedded Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Individuals will boost the Automotive Embedded Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Channels, the sub-segment i.e. Direct Sales will boost the Automotive Embedded Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Prevalence of Banking-as-a-Service, Risk in auto insurance will shift away from drivers and toward the artificial intelligence (AI) and software that powers self-driving cars and Rapid Development of Automation and APIs in Banking
Market Growth Drivers:
Increasing Demand for Embedded Banking Due to Ease of Use for Customers and Rise of Digital Platforms for Embedded Insurance
Challenges:
Lack of Awareness in Emerging Economies and Growing Threat of Cybersecurity
Restraints:
Resistance of Banks to Adopt Embedded Banking could Hamper Market Growth
Opportunities:
Growing Demand for Embedded Banking Due to Regulatory Compliance Such as Payment Services and Rising Opportunities for Direct-to-Consumer and FinTech Companies
Market Leaders and their expansionary development strategies
In July 2021 - Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the United States, announced a significant new enhancement to Clicklane, a technology ecosystem that allows for a complete online car-buying and selling experience. Asbury has collaborated with Salty to expand Clicklane's capabilities, further improving the customer experience. Salty Dot Inc. is an Embedded Insurance technology company.
In October 2021- NEXT Insurance, the leading digital insurance company transforming small business insurance announced the availability of NEXT Connect, a trusted embedded insurance solution for some of the leading small business software ecosystems in the U.S.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Venture and Capitalist, Banks, Government Research Organizations, Private Research Organization, Government Bodies, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.