Usage-Based Insurance Market

Market Leaders - Usage-Based Insurance Market

The usage-based insurance market is projected to reach USD 125.7 billion by 2027 from an estimated USD 24.0 billion in 2019, at a CAGR of 23.0% during the forecast period. The base year for the report is 2018, and the forecast period is 2019 to 2027.

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. 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 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 April 2019, Progressive Insurance partnered with Toyota Insurance Management Solutions to provide owners of connected Toyota vehicles an opportunity to seek insurance discounts from Progressive Insurance.

Allstate Insurance Company is one of the leading players in the UBI market. The company provides two UBI programs—Drivewise and Milewise. It has adopted organic growth strategies for its development. For instance, in June 2018, Allstate launched Milewise, its new pay-per-mile scheme for auto insurance. In this scheme, customers pay based on how much they drive.

State Farm Mutual Automobile Insurance Company is one of the leading players in the UBI market. The company provides two UBI solutions—Drive Safe & Save app, and Steer Clear app. The company focuses on inorganic developments as a part of its strategy. For instance, State Farm® and USAA are working together to test a Blockchain solution. The two insurance companies announced a joint subrogation solution and are now using real claims data to test how blockchain technology can improve the speed of the auto claims subrogation process.

Liberty Mutual Insurance Company is one of the leading players in the UBI market. The company offers Highway Hero app, ByMile (pay as you drive" insurance), and RightsTrack Mobile app under telematics segment. The company focuses on inorganic developments as a part of its strategy. For instance, Liberty Mutual Insurance announced the completion of the acquisition of AmTrust Financial Services, Inc. This acquisition will help the company’s goal of becoming a top-three global commercial and specialty lines re/insurer by providing a platform for broader global expansion through increased market share, compatible portfolio additions, and key international talent.

Related Reports:

Usage-Based Insurance Market for Automotive by Package type, Technology type (OBD-II, Blackbox, Smartphone, Embedded, and Other technologies), Vehicle type, Vehicle age, Device Offering, Electric & Hybrid vehicles, and Region - Global forecast to 2027

Mr. Sanjay Gupta
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