Industry Background:
Usage-based insurance (UBI), also referred to as pay-per-mile or pay-as-you-drive is a type of auto insurance which depends on the specific insurer’s program, can measure how far a vehicle is driven, where it’s driven or how it’s driven. It is often operated by telematics, a technology which is available in vehicles using a plug-in device or is pre-installed in the car’s network, but can also be available through mobile applications. It provides insurers a range of data, from how drivers are braking and accelerating to their speeds, where they’re driving, and for how long they’re behind the wheel. The data collected gets sent to an insurance corporation, which can keep the track of distance driven for the basic pay-as-you-go insurance, or more generally assess the risk profile of a particular driver in order to reward safer drivers with discounts on their insurance.This growth is primarily driven by Increasing Adoption of Telematics, Decline in Insurance Premium and Risk-Related Costs and Lesser Accident and Vehicle Theft Possibilities.
Globally, a noticeable market trend is evident Timely and Accurate Data Collection
. Major Vendors, such as Allianz SE (Germany), AXA S.A. (France), Insure The Box Ltd (United Kingdom), Progressive Corporation (United States), Allstate Corporation (United States), Generali Group (Italy), Mapfre S.A. (Spain), Metromile (United States), Aviva plc. (United Kingdom) and Ageas (Belgium) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Market Drivers
- Increasing Adoption of Telematics
- Decline in Insurance Premium and Risk-Related Costs
- Lesser Accident and Vehicle Theft Possibilities
Market Trend
- Timely and Accurate Data Collection
- Rising Permeation of Smartphones Integrated With Vehicle Connectivity Systems
Restraints
- Uncertainty over Regulations and Legislative Environments
- Telematics Installation Cost Is High
Opportunities
Growth of the Automobile Industry in Developing Countries, Technological Advancement in Usage-Based Insurance and Rising Concerns Regarding Driver Safety
Challenges
Data Privacy Concerns and Quality Issues and Absence of Standardized Systems
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 Vendors 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 Study Sheds Light on
The Usage-Based Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Usage-Based Insurance industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Usage-Based Insurance 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 Vendors 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.