The usage-based
insurance market for automotive is estimated to be USD 28.43 billion in
2018 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95%. The
growing market for connected cars services, increasing regular vehicle
insurance, and increased customer
acceptance of connected services will drive the market
for usage-based insurance.
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Usage-based insurance providers should focus on open
platforms for integration of any application. For instance, Octo Telematics launched
its Next Generation Platform (NGP), a business and technology investment of
more than USD 40 million. The platform provided open access and seamless
integration of any Application Programming Interface (API) as well as a
fully-modular insurance telematics structure, offering flexibility through
mix-and-match service selection. The development of the platform as an IoT ecosystem
provided innovators the scope and ability to meet the rapidly growing global
demand for user-based insurance. Hence, usage-based insurance providers should
focus on such platforms having huge market demand across the world, especially
Europe and the Americas.
Manage-how-you-drive or MHYD is the fastest growing
usage-based insurance market by policy type. MHYD is an extended version of
PHYD which provides feedback to drivers on improvement areas besides just
ranking them based on driving behavior. This model is very much applicable for
young drivers aged between 18 and 25 as they are inexperienced. The MHYD system
works similar to a PHYD by collecting various driving behavior information such
as harsh braking, sharp cornering, and overspeeding to rate the driver. The
system also suggests improvements to the driver to help improve the driving behavior
and ultimately reduce insurance premium. UBI companies can work together with
telematics device manufacturers, insurance companies, and OEMs to develop MHYD
plans that suit the requirements of different customers.
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Embedded system is projected to be the fastest growing usage-based insurance market by
technology. Embedded refers to the use of inbuilt vehicle telematics to analyze
and offer UBI services. With the growth in vehicle technology, connected cars
are becoming prevalent. Connected cars offer various features which enable the
use of telematics and infotainment services using the telematics device
(telematics control unit). The inbuilt telematics is used to collect vehicle
data and analyze the driving behavior to calculate insurance premiums. Embedded
telematics is very accurate at capturing vehicle data as it is an integrated
part of the system and does not require external calibration to register data. UBI
providers can work directly with OEMs to capitalize on the increasing trend of
connected cars in developed regions like the Americas and EME and also in developing
markets such as Asia Oceania where the penetration of connected cars with
embedded systems is increasing rapidly. UBI service providers can also provide
plans specific for embedded systems which will give connected car owners
further incentive to opt for UBI policies.
The increasing popularity of usage-based insurance can be an opportunity for both core insurance
providers and OEMs to enter into the market of connected insurance.
Additionally, the current UBI service providers can look for market
opportunities within platforms, data analytics, and devices.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
