The global UBI market is anticipated to grow at a CAGR of 27.9% during the forecast period. Due to the increasing demand for usage-based insurance for automotive continues, along with the strong ecosystem is getting created around connected automotive services. This ecosystem involves participants such as automotive IoT and insurance platform providers, data platform and analytics companies, automotive insurance black box and telematics providers, big data companies, and cloud service providers. For instance, in May 2019, TrueMotion, one of the leading smartphone-based telematics platforms, partnered with Unipol Group, one of the leading automotive insurance providers in Italy, to launch Italy’s first smartphone-only telematics program. This partnership helped the company to provide next-generation auto insurance across Italy.
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Moreover, the growing availability of real-time data collection from vehicles is replacing traditional data sets containing risk profiles based on claims history. The growth in automotive telematics, demand for connected car services, and mobile-based telematics will create immense opportunities for players in the usage-based insurance industry. For instance, In June 2019, UnipolSai 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.
Global Usage-based Insurance (UBI) Market Report Segment
By Type
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
- Others
By Technology
- OBD II
- Black Box
- Smartphones
- Others
By Vehicle Type
- Light-duty Vehicle (LDV)
- Heavy-duty Vehicle (HDV)
By Vehicle Age
- New Vehicles
- Used Vehicles
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Usage Based Insurance (Ubi) Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Agero Inc
- Insurance Management Servicrs Co. LLC
- Insurethebox
- Liberty Mutual Insurance Group
- Masternaut Ltd
- Meta System S.p.A.
- MiX Telematics International (Pty) Ltd
- Nationwide Mutual Insurance Company
- Octo Group
- Progressive Corporation
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