What is Automotive Usage Based Insurance Market Scope?
Automotive usage based insurance tracks mileage and driving behaviour like speeding and harsh braking. It can allow insurers to monitor directly while the person drives with more closely aligned driving behaviours with premium rates. Telematics is useful to track, store, and transfer driving-related data. The data is useful to understand driving behaviour and charge appropriate vehicle insurance rates.
The Automotive Usage Based Insurance market study is being classified by Type (Pay as You Drive, Pay How You Drive, Pay as You Go, Distance-based Insurance and Others) and major geographies with country level break-up.
Global Automotive Usage Based Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Forbes Advisor (United States), GSMA (United Kingdom), IMS (India), Zendrive (India), Allianz SE (Germany), Nationwide Mutual Insurance Company (United States), AXA (France), Aviva (United Kingdom), Liberty Mutual (United States) and Allstate Insurance Company (United States) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Automotive Usage Based Insurance market by Type, Application and Region.
On the basis of geography, the market of Automotive Usage Based Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In 2020, Allianz SE has acquired an automobile and other Property-Casualty businesses from SulAmérica. The acquisition boosts the serving offerings for customers.
On 2020. IMS has launched a toolset. The new tools enable insurers and mobility operators to expand the ways they can interact with usage-based insurance (UBI) customers.
As per the Insurance Regulatory and Development Authority (IRDA) guidelines the general insurers offering motor insurance should adhere to at all times.
Influencing Market Trend
- Rising Accidents of Automobiles over the Globe
- Need for the Safety Measures for the Drivers
- Growing Urbanization and Rising per Capita Disposable Income
- Rising Offerings and Benefits of Insurance Policies
- Growing Adoption of Automobiles can create Opportunities for Market Growth
- Unavailability of Tranceperancy Regarding Automotive Usage Based Insurance
- Regulations on the Insurance Providers
Key Target Audience
Automotive Usage Based Insurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):1. At what growth rate would the Automotive Usage Based Insurance market expands?
The Global Automotive Usage Based Insurance market is expected to see a growth of % during projected year 2020 to 2026.
2. Who are the prominent players of the Global Automotive Usage Based Insurance market?
The prominent players of Global Automotive Usage Based Insurance market are Forbes Advisor (United States), GSMA (United Kingdom), IMS (India), Zendrive (India), Allianz SE (Germany), Nationwide Mutual Insurance Company (United States), AXA (France), Aviva (United Kingdom), Liberty Mutual (United States) and Allstate Insurance Company (United States), to name a few.
3. What are the top priorities to focus for Automotive Usage Based Insurance market’s growth?
In this highly competitive & fast evolving Automotive Usage Based Insurance industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.