The Usage Based Insurance market research report is a prevalent portrayal of the overall market. In this report, this market is segmented dependent on market types, items, innovation, administrations, end-client, and applications for better understanding. The division is required to give the readers fastidious information of the business and the significant components including it. This market uses a top notch market research technique such as SWOT analysis which highlights the limitations, dangers, drivers, and openings of the overall market. It moreover notes down budgetary elements that are influencing the development rate of the market.
The Usage Based Insurance market report offers a thorough research report that contains an official synopsis, definition, and extent of the market. Specialists have contemplated the chronicled information and contrasted it with the present market circumstance to look through the changes this market will take in the imminent years. Different research approaches have been taken to comprehend the crucial highlights of the market so as to give the readers a total perspective on the worldwide market. The Usage Based Insurance report helps a new entrant to comprehend the essential thought process of the buyers in picking its items.
Leading Players of Usage Based Insurance Market are Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc,Ageas Group, Octo Telematics, TomTom Telematics, Liberty Mutual Insurance, Intelligent Mechatronic Systems – IMS, Mitsui Sumitomo Insurance Co. (Europe) Ltd, Watchstone Group plc, Allianz Australia, Aviva Canada, Allianz Asia Pacific, AXA Insurance Company, AXA US, Aviva Asia, AXA Italia, AXA UK, Ageas UK, Liberty Mutual Insurance Europe Limited.
Global usage based insurance market is register a healthy CAGR of 19.1% in the forecast period of 2019 to 2026.
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Recent Industry Developments
In November 2015, Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular.
In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application.
In June 2018, Cambridge Mobile Telematics (CMT) was awarded as best auto digital insurance product award from TU-Automotive Detroi for DriveWell. This award made Cambridge Mobile Telematics (CMT) more popular which increases the overall income of the company
In August 2017, Cambridge Mobile Telematics (CMT) has launched powerful smartphone telematics program for commercial fleets. This launch has improved employee safety, reduce the number of accidents and claims and increase operational efficiency and performance.
In September 2017, the company was awarded as the global pioneer in telematics insurance and champion for road safety by UK insurance sector This award made company more popular which further increases the overall sells.
In September 2017, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio.
The adoption of smartphones with telematics applications enables car makers and insurers to collect driving data and record trip parameters of hard braking, and acceleration. The driving data then is used by them to design usage-based insurance policies and in determining the policyholder’s premium. The huge adoption of smart-phone-based telematics is expected to drive the usage-based insurance market growth. Key market players have implemented various strategies such as partnership, acquisition, and expansion to gain competitive advantage and a stronger base in the market. Technological advancement is projected to fuel the growth of usage-based insurance industry during the forecast period, making the process easier with reduced service rate.
Some of the key findings from our usage based insurance market forecast report are summarized below
Global Usage Based Insurance Market, By Package type (pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD)), vehicle type (light-duty vehicle (LDV), heavy-duty vehicles (HDV)), Device offering (company provided, bring your own device (BYOD)), Technology (OBD-II, smartphone, embedded system, black box and others), Vehicle age (new vehicles, on-road vehicles), Electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV)), Geography (North America, Europe, Asia Pacific, South America, Middle East And Africa) – Industry Trends and Forecast to 2026
The report analyzes factors affecting usage based insurance System market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely; Europe, APAC, North America, MEA and South & Central America after evaluating technological factors, political, economic and social affecting the usage based insurance System market in these regions.
Table of Contents: Global Usage Based Insurance Market
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Chapter 2: Executive Summary
Chapter 3: Usage Based Insurance Industry Insights
Technological and innovation landscape
Chapter 4: Usage Based Insurance Market, By Region
Chapter 5: Company Profile
And Continued… Get FREE TOC
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