Usage-Based Insurance Market (By Type: Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD), and Manage-How-You-Drive (MHYD); By Technology: Smartphone, OBD-II, Black Box and Hybrid; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 â€“ 2025
Usage based insurance (UBI) is a telematics-based insurance, where the premiums are based on driving behavior of consumers. UBI provides an opportunity for insurers to tailor insurance to customer’s specific behaviors and usage patterns. They include different services depending upon the comfort and preference of consumers such as pay-how-you-drive (PHYD), pay-as-you-drive (PAYD) and manage-how-you-drive (MHYD). Type of road used, braking, and cornering pattern are among the aspects according to which the premiums are charged.
Lower accident and vehicle theft possibilities, reduced claims costs and improved customer loyalty are the key factors propelling the growth of the global usage based insurance market. In addition, detection of stolen vehicles through telematics device installed in the vehicle fuels the market growth. However, privacy concerns and high installation cost associated to the telematics may hamper the growth of the market. Moreover, advancement in technology to make the process simpler with reduces service rate is expected to equally influence the market growth in the forecast timeframe.
The report includes the analysis of the usage-based-insurance market is converging on various growth drivers, prospects and restraints, and based on the regional analysis. The report covers competitive developments such as new product launches and developments, mergers, long-term contracts, joint ventures, and research & development activities in the usage based insurance (UBI) market, in addition to other business and corporate strategies adopted by the key market players.
Type, technology and geography are the classification of the global usage based insurance (UBI) market. On the basis of type the segmentation includes pay-how-you-drive (PHYD), pay-as-you-drive (PAYD) and manage-how-you-drive (MHYD). OBD-II, smartphone, hybrid, and black box are the bifurcations of the technology segment. Furthermore, by geography the bifurcation include North America, Europe, Asia-Pacific, and RoW.
Key benefits offered from the report include
- An in-depth analysis of the Usage Based Insurance (UBI) market, with current and future trends to elucidate the imminent investment pockets
- Analysis of Global Usage Based Insurance (UBI) Market with respect to key segments such as type and technology
- An comprehensive regional analysis of Global Usage Based Insurance (UBI) Market has been covered in the report
- The quantitative analysis of the market from 2016 to 2025 is provided to elaborate the market potential and compound annual growth rate (CAGR) between 2017 and 2025
- Profile of the major players in the Global Usage Based Insurance (UBI) Market will be provided, which include product & services, key financials, new developments & business strategies
Segments covered in the report
- Pay-How-You-Drive (PHYD)
- Pay-As-You-Drive (PAYD)
- Manage-How-You-Drive (MHYD)
- Black Box
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Middle East
Major players operating in the market include Insure The Box Ltd., Allianz SE, Allstate Corporation, AXA S.A., Progressive Corporation, Mapfre S.A., Aviva plc, Metromile, Generali Group and Desjardins Insurance, among others.