Today, internet and smartphones have transformed the way people buy insurance. Technology has made the insurance environment clear, accessible, and fast. Today, the emphasis is on going from general and conventional solutions to customized and personal solutions, which has been made possible in the insurance sector by the advent of usage-based insurance (UBI).
Telematics systems calculate a variety of factors of concern to underwriters: miles travelled; time of day; where the car is driven (global positioning system or GPS); fast acceleration; hard braking; hard cornering; and airbag activation. The amount of data gathered typically represents the form of telematics technology used and the ability of policyholders to exchange personal data. The insurance provider then analyzes the information and calculates insurance premiums appropriately. Both this information is evaluated by the insurance provider in order to arrive at the risk level of the vehicle owner/driver and the premium is be paid accordingly.
The COVID-19 pandemic had a sudden and significant impact on the automotive industry, which is globally interconnected. The major impact includes loss of large-scale disruption of production throughout Europe, and the closing of assembly plants in the U.S. This has placed extreme pressure on an industry that is already dealing with a downshift in global demand. This is expected to lead to intensified interest in mergers and acquisitions.
According to BIS Research, the telematics insurance industry was valued at $2,345.0 Million in 2019 and is projected to reach $5,477.3 Million by 2025, registering a CAGR of 15.49% during the period 2020-2025.
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Key Market Players of Telematics Insurance Industry:
Some of the most prominent ecosystem players are Octo Group S.p.A., Insurance & Mobility Solutions, Agero, Inc., Webfleet Solutions B.V., Verizon Communications, Inc., AXA Group, The Progressive Corporation, Amodo Ltd., Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc., insurethebox Ltd., Insure Telematics Solutions, and CalAmp Corp.
The rising demand for autonomous vehicles and the increasing false insurance claims by drivers in the automobile industry has played a pivotal role in the adoption of telematics insurance globally. Along with this, the increase in the adoption of smartphones has given way for managing insurance premiums and tracking driver’s behavior quite easily, thus providing an impetus of growth to the telematics insurance industry.
The market research study offers a wide perspective of different types of telematics insurance programs and devices used in vehicles. The report also provides an analysis of the market penetration of these programs in different applications and their growth opportunities across different regions and countries. The study focuses on the changing landscape of the telematics insurance market, owing to the significant developments made by the leading players.
Key Questions Answered by This Telematics Insurance Report:
For a new company looking to enter the market, which areas could it focus upon to stay ahead in the competition?
How do the existing market players function to improve their market positioning?
Which are the promising companies that have obtained financial support to develop their products and markets?
How does the supply chain function in the telematics insurance industry?
Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2017-2020?
Which product segment is expected to witness the maximum demand growth in the telematics insurance industry during 2019-2025?
Which are the players that are catering to the demand for different insurance programs?
How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
What are the key offerings of the prominent companies in the telematics insurance industry?
What are the demand patterns of telematics insurances across the application areas in different regions and countries during the period 2019-2025?
The report is a compilation of various segmentations, including market breakdown by type, by application, by device type, by distribution channel, and by region. The report highlights the key driving and restraining forces for the market as well as the opportunities in different applications across the leading countries. In the extensive primary research process undertaken for this study, the sources include industry experts and key executives from prominent companies and organizations across the telematics insurance value chain.
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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