Developing an automotive usage-based insurance ecosystem Creates Opportunities for the Global Usage-based Insurance (UBI) Market.

The global UBI market is anticipated to grow at a CAGR of 27.9% during the forecast period (2022-2028). 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. 

Browse the full report description of “Usage-based Insurance Market Size, Share & Trends Analysis Report, By Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD), and Others), By Technology (OBD II, Black Box, Smartphones, and Others), By Vehicle Type (Light-duty Vehicle (LDV), and Heavy-duty Vehicle (HDV)), and By Vehicle Age (New Vehicles, and Used Vehicles), Forecast (2022-2028).” at https://www.omrglobal.com/industry-reports/usage-based-insurance-market

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. 

Market Coverage

• The market number available for – 2021-2028

• Base year- 2021

• Forecast period- 2022-2028

• Segment Covered- 

o By Type 

o By Technology

o By Vehicle Type

o By Vehicle Age 

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- UnipolSai Assicurazioni S.p.A., TomTom International BV, Progressive Corp., Mapfre, S.A., Liberty Mutual Insurance Company

Key questions addressed by the report

• What is the market growth rate?

• Which segment and region dominate the market in the base year?

• Which segment and region will project the fastest growth in the market?

• How COVID-19 impacted the market?

o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

• Who is the leader in the market?

• How players are addressing challenges to sustain growth?

• Where is the investment opportunity?

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

Global Usage-based Insurance (UBI) Market Report Segment by Region

North America

• United States

• Canada

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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