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
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com
