Press release
Usage-based Insurance (UBI) Market 2018 Key Vendors MAPFRE, Nationwide, Progressive Insurance, State Farm, TomTom, Allianz Insurance, Allstate, Generali, AXA US, Liberty Mutual Insurance
Usage-Based Insurance (UBI) Market size is set to exceed USD 107 billion by 2024; according to a new research report by Global Market Insights, Inc. One of the major factors driving the UBI market growth is an increase in the production of passenger & commercial vehicles that is embedded with telematics or the use of external tracking systems to capture data about the vehicle’s health & the driving behavior. Car makers and the insurance companies then use telematics data for calculating the insurance premium for clients in accordance with the usage rate of the vehicle. The insurance telematics enables customers to lessen their premium rates by adopting safe driving.
Get Sample Copy of This Report @ https://www.gminsights.com/request-sample/detail/3020
Industry Growth drivers-
1. Growth of the automobile industry
2. Shifting focus towards remote diagnostic technology
3. Growth in the number of the connected cars bringing new UBI opportunities
4. Rising penetration of smartphones integrated with vehicle connectivity systems
5. Rapid use of UBI by insurance companies to improve profitability
6. Growing trend of Try-Before-You-Buy (TBYB) insurance model
The commercial vehicles segment in the usage-based insurance (UBI) market is projected to register an excellent growth rate of over 18% from 2018 to 2024. The commercial vehicles segment is widely deploying telematics solutions to analyze vehicle and driver data to assess the risks and restore profit margins. These solutions are used in commercial fleets to help in integrating capabilities such as traffic updates, roadside assistance, and smart routing and tracking. Telematics insurance data is used by the insurers to review driving behavior and promote safe driving through insurance incentives. The technology is playing a key role in commercial logistics and supply chains as it helps in addressing the challenges related to driver monitoring, insurance, and safety.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1.Allianz SE
2. Allstate Insurance Company
3. ASSICURAZIONI GENERALI S.P.A.
4. AXA
5. Cambridge Mobile Telematics
6. Danlaw, Inc.
7. Desjardins Group
8. Insure The Box Limited
9. Intelligent Mechatronic Systems Inc.
10. Liberty Mutual Insurance
11. Mapfre, S.A.
12. Metromile Inc.
13. Nationwide
14. Octo Technology
15. Progressive Casualty Insurance Company
16. Sierra Wireless
17. State Farm Mutual Automobile Insurance Company
18. TomTom International BV
19. UnipolSai Assicurazioni S.p.A.
20. Vodafone Automotive SpA
21. Zubie, Inc.
Make an Inquiry for purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/3020
The North America UBI market is projected to hold a majority market share of over 35% by 2024. The market growth is attributed to the factors such as the growth in the number of connected cars with inbuilt telematics solutions and the adoption of the cloud-based telematics solutions. The region is dominated by the presence of various car insurance companies that are using black box technology to track driving habits. The telematics-based black box devices provide detailed information to car insurance companies and let them calculate insurance risk levels more accurately.
The OBD II technology held a major share of over 48% in the UBI market in 2017 and is expected to dominate the market with a share of around xx% in 2024. Vehicles equipped with telematics devices allow insurance companies to get a more precise information to rate a driver’s premium. The traditional UBI programs use OBD II, which allows car owners to manage and remove engine malfunctions and improve vehicle reliability while reducing the fleet operations cost. By implementing OBD II fleet management telematics systems, which track driver performance and allow vehicle utilization, the companies can reduce their fleet insurance premiums.
The insurance companies operating in the usage-based insurance market are entering into strategic partnerships with automakers and other car insurance service providers to jointly offer new insurance telematics solutions to the customers. These solutions also help the companies to improve their individual data capabilities and boost product offerings. The insurance companies are adopting product differentiation strategies and introducing new UBI products and services to stay ahead of their competitors. The program offers qualifying truck drivers a minimum savings of 3% on their commercial auto policy period for signing up and adjusting insurance rates based on the ELD data.
Browse Report Summery @ https://www.gminsights.com/industry-analysis/usage-based-insurance-ubi-market
Some of the major players of the operating in the UBI market are Progressive, Allstate, State Farm, AXA, Allianz, Liberty Mutual, Nationwide, Vodafone Automotive, UnipolSai, Generali, Octo, Metromile, TomTom, Insure The Box, Mapfre S.A, Zubie, Desjardins Group, Sierra Wireless, IMS, Cambridge Mobile Telematics, and Danlaw.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Get Sample Copy of This Report @ https://www.gminsights.com/request-sample/detail/3020
Industry Growth drivers-
1. Growth of the automobile industry
2. Shifting focus towards remote diagnostic technology
3. Growth in the number of the connected cars bringing new UBI opportunities
4. Rising penetration of smartphones integrated with vehicle connectivity systems
5. Rapid use of UBI by insurance companies to improve profitability
6. Growing trend of Try-Before-You-Buy (TBYB) insurance model
The commercial vehicles segment in the usage-based insurance (UBI) market is projected to register an excellent growth rate of over 18% from 2018 to 2024. The commercial vehicles segment is widely deploying telematics solutions to analyze vehicle and driver data to assess the risks and restore profit margins. These solutions are used in commercial fleets to help in integrating capabilities such as traffic updates, roadside assistance, and smart routing and tracking. Telematics insurance data is used by the insurers to review driving behavior and promote safe driving through insurance incentives. The technology is playing a key role in commercial logistics and supply chains as it helps in addressing the challenges related to driver monitoring, insurance, and safety.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1.Allianz SE
2. Allstate Insurance Company
3. ASSICURAZIONI GENERALI S.P.A.
4. AXA
5. Cambridge Mobile Telematics
6. Danlaw, Inc.
7. Desjardins Group
8. Insure The Box Limited
9. Intelligent Mechatronic Systems Inc.
10. Liberty Mutual Insurance
11. Mapfre, S.A.
12. Metromile Inc.
13. Nationwide
14. Octo Technology
15. Progressive Casualty Insurance Company
16. Sierra Wireless
17. State Farm Mutual Automobile Insurance Company
18. TomTom International BV
19. UnipolSai Assicurazioni S.p.A.
20. Vodafone Automotive SpA
21. Zubie, Inc.
Make an Inquiry for purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/3020
The North America UBI market is projected to hold a majority market share of over 35% by 2024. The market growth is attributed to the factors such as the growth in the number of connected cars with inbuilt telematics solutions and the adoption of the cloud-based telematics solutions. The region is dominated by the presence of various car insurance companies that are using black box technology to track driving habits. The telematics-based black box devices provide detailed information to car insurance companies and let them calculate insurance risk levels more accurately.
The OBD II technology held a major share of over 48% in the UBI market in 2017 and is expected to dominate the market with a share of around xx% in 2024. Vehicles equipped with telematics devices allow insurance companies to get a more precise information to rate a driver’s premium. The traditional UBI programs use OBD II, which allows car owners to manage and remove engine malfunctions and improve vehicle reliability while reducing the fleet operations cost. By implementing OBD II fleet management telematics systems, which track driver performance and allow vehicle utilization, the companies can reduce their fleet insurance premiums.
The insurance companies operating in the usage-based insurance market are entering into strategic partnerships with automakers and other car insurance service providers to jointly offer new insurance telematics solutions to the customers. These solutions also help the companies to improve their individual data capabilities and boost product offerings. The insurance companies are adopting product differentiation strategies and introducing new UBI products and services to stay ahead of their competitors. The program offers qualifying truck drivers a minimum savings of 3% on their commercial auto policy period for signing up and adjusting insurance rates based on the ELD data.
Browse Report Summery @ https://www.gminsights.com/industry-analysis/usage-based-insurance-ubi-market
Some of the major players of the operating in the UBI market are Progressive, Allstate, State Farm, AXA, Allianz, Liberty Mutual, Nationwide, Vodafone Automotive, UnipolSai, Generali, Octo, Metromile, TomTom, Insure The Box, Mapfre S.A, Zubie, Desjardins Group, Sierra Wireless, IMS, Cambridge Mobile Telematics, and Danlaw.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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