Usage-based Insurance Market

Market Leaders - Usage-based Insurance Market

The usage-based insurance market is projected to grow from USD 28.43 billion in 2018 to USD 95.81 billion by 2025, at a CAGR of 18.95% over the forecast period. The increasing adoption of telematics and connected cars will drive the market for usage-based insurance.

The usage-based insurance market for automotive is dominated by global players and comprises several regional players. Some of the key players in the usage-based insurance market are Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands), Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), Sierra Wireless (Canada).

New product developments and partnerships are the two most prevailing strategies to expand the business in this market. For example, Allstate Insurance, its data processing partner Arity, and family networking app Life360 announced a new data-sharing collaboration. Combining Life360’s sensor data with Arity’s driver behavior models provides families with information on each member's driving habits to give parents the tools to help coach their loved ones to be better, safer drivers. Similarly, TomTom telematics launched Woop, a new car insurance policy for young drivers, which uses a smartphone app to provide feedback on driver performance.

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Octo Telematics, one of the leading players in the UBI market, adopted the strategies of new product development, partnership, and merger & acquisition to retain its leading position in the usage-based insurance market. For instance, in September 2017, Octo Telematics announced the release of Glimpse Plus, a cutting-edge, digitally-enabled telematics service that provides a reliable way for insurers to gather accurate data on driving behavior as well as more detailed crash detection and claims analysis. The solution also enables consumers to use their smartphone to monitor driving habits and become safer drivers. Further, in December 2017, Octo Telematics announced that it had completed its acquisition of the usage-based insurance (UBI) assets of Willis Towers Watson. This acquisition includes Willis Towers Watson’s market-leading DriveAbility solution and the DriveAbility Marketplace.

On the other hand, Progressive Corporation adopted new product development and partnership to sustain its market position. In May 2015, the company initiated the Snapshot pay-as-you-drive insurance program where consumers receive a personalized insurance rate based on their safe driving habits. Drivers had earned discounts in the optional program and saved an average of USD 150 per year. Further, in September 2015, Progressive Corporation had announced a partnership with Censio (US) for the development of a mobile app for Snapshot. The mobile app tracks driving habits to help drivers stay safe on the road and save money on car insurance.

Related Reports:

Usage-based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System, Black Box), Vehicle Age (New, On-Road), Device Offering (BYOD, Company Provided), and Region - Global Forecast to 2025

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Report Code
AT 6582
RI Published ON
9/5/2018
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