According to Bis Research, the telematics insurance market is expected to grow at a CAGR of 15.49% during the forecast period from 2020-2025. The market value of telematics insurance industry was $2,345.0 Million in
2019 and predicted to reach at $5,477.3 Million in 2025.
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. Vehicles are increasingly similar to computer on wheels from which large chunks of valuable data for various industries, such as insurance industry, are exuded. When versatility is induced to a COVID-19 crossing, automakers are now able to use their connected car data to provide consumers with extremely customized insurance, which is ideal for the consumer’s intended application. The insurance, multiple-use policy, or miles of programs will be charged in compliance with decreased or changing post-COVID-19 car consumption.
Smartphone Segment Dominates Telematics Insurance Market:
A range of equipment such as black box, on-board devices, smartphone applications, and OEM embedded systems can be used for integration with vehicle telematics. The main approach is a solution that is conveniently embedded into a driver’s profile, providing flexibility and ease of use, which is testified by the use of mobile applications to control telematics. Quick smartphone adoption also contributes to the popularity of smartphone applications used for telematics. During the forecast era, the use of OBD-based systems is projected to decrease, whereas embedded devices and smartphone-based systems are anticipated to expand significantly as telematics insurance services are becoming increasingly available to car insurers.
Passenger Vehicles Segment Dominate the Telematics Insurance Market:
Passenger vehicles are expected to lead the segment of application owing to the fact that the telematics insurance is expensive to set-up initially through the inclusion of expensive sensors and electronics. Therefore, they are more viable for passenger cars as of now, where owners who own more than a car can leverage the offering of telematics insurance due to their infrequent driving of cars. Although, commercial fleets are actively adopting telematics insurance programs in order to track their fleets and driver’s driving behavior. This would help them to better manage their fleets.
Competitive Landscape and Key Players of Telematics Insurance Market:
The telematics insurance market’s competitive landscape consists of different strategies undertaken by key players across the industry to gain traction and market share presence. Some strategies adopted by the service providers are new product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, partnerships and collaborations are the popular choices of the strategy implemented in the telematics insurance market. 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.
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Key Questions Answered in this 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 market?
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 market 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 market for telematics insurances?
What are the demand patterns of telematics insurances across the application areas in different regions and countries during the period 2019-2025?
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