Dublin, April 09, 2021 (GLOBE NEWSWIRE) -- The "Telematics Insurance Market - A Global and Regional Market Analysis: Focus on Product, Application, and Country Assessment - Analysis and Forecast, 2020-2025" report has been added to ResearchAndMarkets.com's offering.
Telematics insurance is an insurance program based on current driving behavior as opposed to historic achievement and is sometimes called black box insurance. Telematics Insurance is designed to match engine drivers with customized performance premiums. Some insurers are implementing black-box practices in order to establish an insurance policy for car owners for pay as you drive (PAYD) or pay how you drive (PHYD). In most cases, insurers quote drivers a fixed premium based on the number of miles permitted per year in a standard insurance policy.
The auto driver only pays for what they use in terms of miles traveled under a PAYD or PHYD policy. PAYD or PHYD are also referred to as usage-based insurance (UBI) because the insurer only charges the user for the number of miles driven as documented by the black box device or application. The rising demand for autonomous vehicles and the increasing false insurance claims by drivers in the automobile industry have played a pivotal role in the adoption of telematics insurance globally. Along with this, the increase in the adoption of smartphones has given way for managing insurance premiums and tracking driver's behavior quite easily, thus providing an impetus of growth to the telematics insurance market.
The telematics insurance market research provides a detailed perspective on the different types of products, their applications, and value estimation, among others. The principal purpose of this market analysis is to examine the telematics insurance market in terms of factors driving the market, restraints, trends, and opportunities, among others.
The report further considers the market dynamics, supply chain analysis, and the detailed product contribution of the key players operating in the market. The telematics insurance market report is a compilation of different segments, including market breakdown by type, application, region, and country.
The telematics insurance market, based on type, is segmented into pay as you drive and pay how you drive segments. The pay as you drive segment is expected to maintain its dominance during the forecast period in the telematics insurance market.
The telematics insurance market, based on distribution channel, has been segmented into OEM and aftermarket. The aftermarket segment is expected to maintain its dominance during the forecast period in the telematics insurance market.
The telematics insurance market, based on device type, has been segmented into smartphone, onboard device, blackbox, and OEM embedded. The smartphone segment is expected to maintain its dominance during the forecast period in the telematics insurance market.
The telematics insurance market, by application, has been segmented into passenger and commercial segments. The passenger segment dominated the telematics insurance market in 2019 in terms of value and is expected to maintain its dominance through the forecast period.
Based on region, the telematics insurance market has been segmented into Asia-Pacific and Japan, Europe, the U.K., China, North America, and Rest-of-the-World. Each region is segmented into countries. Data for each of these regions and countries is provided by product type and application.
Growth Drivers
- Growing Popularity of Mobile Telematics
- Prevention of False Insurance Claims
- Increasing Road Accidents
- Stringent Automotive Safety Regulations
Market Challenges
- Conflicting Regulations in the Adoption of Insurance Telematics
- Lack of Data Protection and Breach of Privacy
Market Opportunities
- Growing Popularity of Autonomous Vehicles
- Emergence of Internet of Things (IoT)
Key Companies Profiled
Octo Group S.p.A., Insurance & Mobility Solutions, Agero, Inc., Webfleet Solutions B.V., Verizon Communications, Inc., AXA Group, The Progressive Corporation, Amodo Ltd., Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc., insurethebox Ltd., Insure Telematics Solutions, and CalAmp Corp.
Key Questions Answered in this Report:
- For a new company looking to enter the market, which areas could it focus upon to stay ahead in the competition?
- How do the existing market players function to improve their market positioning?
- Which are the promising companies that have obtained financial support to develop their products and markets?
- How does the supply chain function in the telematics insurance market?
- Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2017-2020?
- Which product segment is expected to witness the maximum demand growth in the telematics insurance market during 2020-2025?
- Which are the players that are catering to the demand for different insurance programs?
- How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
- What are the key offerings of the prominent companies in the market for telematics insurances?
- What are the demand patterns of telematics insurances across the application areas in different regions and countries during the period 2020-2025?
Competitive Landscape
The telematics insurance market's competitive landscape consists of different strategies undertaken by key players across the industry to gain traction and market share presence. Some strategies adopted by the service providers are new product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, partnerships and collaborations are the popular choices of the strategy implemented in the telematics insurance market. Some of the most prominent ecosystem players are Octo Group S.p.A., Insurance & Mobility Solutions, Agero, Inc., Webfleet Solutions B.V., Verizon Communications, Inc., AXA Group, The Progressive Corporation, Amodo Ltd., Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc., insurethebox Ltd., Insure Telematics Solutions, and CalAmp Corp.
Some of the notable developments in the telematics insurance market are:
- Octo acquired Nebula Systems, a developer of advanced cloud technologies for the automotive and insurance industries, in December 2019.
- In December 2020, Amodo Ltd. partnered with Galileo Platforms, an insuretech company, to develop new insurance solutions.
- In November 2020, Generali Group partnered with Cattolica Group, an insurance provider, to provide its telematics capabilities to the company.
- In October 2020, True Motion Inc. partnered with LB Forsikring, an auto insurer based in Denmark, to launch the country's first smartphone-only program.
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Industry Dynamics Defining the Future Trends in Telematics Insurance Market
1.1.1.1 Impact of COVID-19
1.1.1.2 Smart Camera Technologies in Association with Telematics
1.1.1.3 Telematics for Electric Vehicles
1.1.2 Supply Chain Analysis
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Growing Popularity of Mobile Telematics
1.2.1.2 Prevention of False Insurance Claims
1.2.1.3 Increasing Road Accidents
1.2.1.4 Stringent Automotive Safety Regulations
1.2.2 Business Restraints
1.2.2.1 Conflicting Regulations in the Adoption of Insurance Telematics
1.2.2.2 Lack of Data Protection and Breach of Privacy
1.2.3 Business and Corporate Strategies
1.2.4 Business Opportunities
1.2.4.1 Growing Popularity of Autonomous Vehicles
1.2.4.2 Emergence of Internet of Things (IoT)
2 Application
2.1 Telematics Insurance Market: Applications and Specifications
2.1.1 Telematics Insurance Market (by Application)
2.1.1.1 Passenger Vehicles
2.1.1.2 Commercial Vehicles
2.1.2 Telematics Insurance Market (by Distribution Channel)
2.1.2.1 OEM
2.1.2.2 Aftermarket
2.2 Demand Analysis for Telematics Insurance Market (by Application)
2.2.1 Telematics Insurance Market (by Application)
2.2.1.1 Passenger Vehicles
2.2.1.2 Commercial Vehicles
2.2.2 Telematics Insurance Market (by Distribution Channel)
2.2.2.1 OEM
2.2.2.2 Aftermarket
3 Products
3.1 Telematics Insurance Market: Products and Specifications
3.1.1 Telematics Insurance Market (by Type)
3.1.1.1 Pay As You Drive (PAYD) Model
3.1.1.2 Pay How You Drive (PHYD) Model
3.1.2 Telematics Insurance Market (by Device Type)
3.1.2.1 Smartphone
3.1.2.2 On-Board Device
3.1.2.3 Black Box
3.1.2.4 OEM Embedded
3.2 Demand Analysis of Telematics Insurance Market (by Product)
3.2.1 Telematics Insurance Market (by Type), Value, 2019-2025
3.2.1.1 Pay as You Drive (PAYD)
3.2.1.2 Pay How You Drive (PHYD)
3.2.2 Telematics Insurance Market (by Device Type), Value, 2019-2025
3.2.2.1 Smartphone
3.2.2.2 Onboard Device
3.2.2.3 Blackbox
3.2.2.4 OEM embedded
4 Region
4.1 North America
4.2 Europe
4.3 U.K.
4.4 China
4.5 Asia-Pacific and Japan
4.6 Rest-of-the-World (RoW)
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.2 Company Profiles
5.2.1 Octo Group S.p.A.
5.2.1.1 Company Overview
5.2.1.1.1 Product Portfolio
5.2.1.2 Corporate Strategies
5.2.1.2.1 Partnerships and Collaborations
5.2.1.2.2 Mergers and Acquisitions
5.2.1.3 Competitive Position
5.2.1.3.1 Strengths of the Company
5.2.1.3.2 Weakness of the Company
5.2.1.4 Patent Analysis
5.2.2 Insurance & Mobility Solutions
5.2.3 Agero, Inc.
5.2.4 Webfleet Solutions B.V.
5.2.5 Verizon Communications, Inc.
5.2.6 AXA Group
5.2.7 The Progressive Corporation
5.2.8 Amodo Ltd.
5.2.9 Cambridge Mobile Telematics
5.2.10 Generali Group
5.2.11 The Floow Limited
5.2.12 TrueMotion Inc.
5.2.13 insurethebox Ltd.
5.2.14 Insure Telematics Solutions
5.2.15 CalAmp Corp.
6 Research Methodology
6.1 Data Sources
6.1.1 Primary Data Sources
6.2 Data Triangulation
6.3 Market Estimation and Forecast
6.3.1 Factors for Data Prediction and Modeling
For more information about this report visit https://www.researchandmarkets.com/r/iiywp8