Usage-Based Insurance Market

Market Leaders - Usage-Based Insurance Market

The usage-based insurance market is projected to reach USD 66.8 billion by 2026 from an estimated USD 19.6 billion in 2021, at a CAGR of 27.7% during the forecast period. The base year for the report is 2020, and the forecast period is 2021 to 2026.

The market is expected to witness rapid growth with the increasing adoption of telematics and smartphone-enabled programs. Leading automakers now use telematics devices and in-car technologies to collect and analyze data, which in turn helps insurance providers evaluate the risk profile of a driver. Further, these companies reward safe drivers by offering discounts on insurance.

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The usage-based insurance market is dominated by globally established players such as UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US). These companies focus on developing new products, adopt expansion strategies and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in this growing usage-based insurance market.

UnipolSai Assicurazioni S.p.A is a leading player in the UBI market. The company provides UnipolSai Km & Servizi auto insurance program and UnipolSai Blackbox for UBI. The company focuses on organic developments. It has a large agency network in Italy, with 2,753 insurance agencies and 5,615 sub-agencies distributed throughout the country.  For instance, in 2019, the company launched Real-Time Adjustment, a process that allows the insured to receive a proposal from the adjuster within 24 hours of the claim, on the condition that there were no casualties. The process helps ease the use of the black box.

Progressive Casualty Insurance Company is another leading player in the UBI market. The company provides Snapshot (UBI program) under the Personal lines segment. The company has partnered with other leading players to boost its presence in the UBI market. For instance, in December 2020, Progressive Corporation now offers Snapshot ProView, a voluntary UBI and fleet management program for small business owners. Snapshot ProView joins Smart Haul®, Progressives industry UBI program for commercial truck drivers, which uses Electronic Logging Device (ELD) data to provide safe driving discounts.  Snapshot ProView is for all other Commercial Auto customers not required by federal law to have an ELD.

Related Reports:

Usage-Based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Black box, Smartphone, Embedded), Vehicle Age (New, Old), Device Offering (BYOD, Company Provided) and Region - Global Forecast to 2026

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Usage-Based Insurance Market Size,  Share & Growth Report
Report Code
AT 6582
RI Published ON
6/8/2021
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