Usage Based Insurance Market: Overview
Usage-based insurance refers to a type of auto insurance,
which utilizes the in-vehicle communication systems to keep a track of driving
behavior and mileage. Use of telematics systems gives precise and accurate feedback
of the driving patterns and safety practices of the driver. Telematics refers
to a method of vehicle monitoring, which combines on-board diagnostics with the
GPS system to track behavior of the vehicle. Such a technology enables the
insurance companies to alter the insurance cost based on the risk thus
estimated.
Allstate Insurance Company, State Farm Mutual Automobile
Insurance Company, UnipolSai Assicurazioni S.p.A, Insure The Box Limited,
Intelligent Mechatronic Systems Inc, and Allianz SE are some of the companies
dominating the global usage-based
insurance market.
Transparency Market Research has come up with an
all-inclusive study on the global usage-based insurance market, for the period
2019 to 2027. The report predicts that the global usage-based insurance market
is likely to clock a staggering 30% CAGR over the period of review. The market
is estimated to reach US$ 200 Bn through 2027.
Get sample copy of “Usage
Based Insurance Market” at: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=52104
Growing Interest of Insurance Providers likely to Support
Growth of the Market
The evolution of the automotive usage based insurance
industry is directly linked with the advancement of the automotive industry.
The demand for automotive insurance is directly proportional to the sale of
vehicles fitted with connected car and telematics services. In addition to
that, increased focus on remote diagnostics by the providers of insurance is
likely to encourage growth of the global usage-based insurance market. Adoption
and use of advanced on-board communication devices to facilitate real-time
connectivity between insurance providers and the vehicle helps in the diagnosis
of breakdown issues.
The expansion of the global usage-based insurance market
growth is ascribed to the growing popularity of usage-based insurance solutions
amongst the insurance enterprises. In order to maximize profitability,
insurance providers are taking up this option, which enables them improve
pricing models, increase revenue, and regulate cost of claim. This factor is
likely to trigger growth of the global usage-based insurance market in the
forthcoming years.
The global usage-based insurance is segmented
based on:
Policy Type
- Pay-How-You-Drive
(PHYD)
- Pay-As-You-Drive
(PAYD)
- Manage-How-You-Drive
(MHYD)
Device Type
- Black
Box
- OBD
Dongle
- Smartphone
Vehicle Type
- Passenger
Vehicle
- Commercial
Vehicle
Research objectives:-
– To study and analyze the global Usage Based Insurance
consumption (value & volume) by key regions/countries, product type and
application, history data.
– To understand the structure of the Usage Based Insurance
market by identifying its various sub-segments.
– Focuses on the key global Usage Based Insurance
manufacturers, to define, describe and analyze the sales volume, value, market
share, market competitive landscape, SWOT analysis, and development plans in
the next few years.
– To analyze the Usage Based Insurance with respect to
individual growth trends, future prospects, and their contribution to the total
market.
– To share detailed information about the key factors
influencing the growth of the market (growth potential, opportunities, drivers,
industry-specific challenges and risks).
Have any query?
Inquiry about report at: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=52104
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