Industry Background:
Automotive Embedded Insurance is a one-of-a-kind insurance policy designed to protect vehicle owners from financial losses caused by vehicle damage or theft. A motor insurance policy can be purchased whether customers own a private car, a commercial vehicle, or a two-wheeler. The embedded insurance model includes insurance coverage when a customer buys a product or service. It is included as a feature of the product, as an incentive to buy. For example, most car-sharing services include auto insurance as part of the price.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Qover SA (Belgium), Wrisk (United Kingdom), The Travelers Indemnity Company (United States), Kasko (United Kingdom), ELEMENT Insurance AG (Germany), Cover Genius Pty Ltd (United Kingdom), Liberty Mutual (United States), bsurance GmbH (Germany), Penni ApS (Denmark) and HeyCar Motor Insurance (Germany) |
This growth is primarily driven by Increasing Demand for Embedded Banking Due to Ease of Use for Customers and Rise of Digital Platforms for Embedded Insurance.
Globally, a noticeable market trend is evident Rising Prevalence of Banking-as-a-Service
Major Players, such as Qover SA (Belgium), Wrisk (United Kingdom), The Travelers Indemnity Company (United States), Kasko (United Kingdom), ELEMENT Insurance AG (Germany), Cover Genius Pty Ltd (United Kingdom), Liberty Mutual (United States), bsurance GmbH (Germany), Penni ApS (Denmark) and HeyCar Motor Insurance (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. One of the most important components for carriers to get ahead is an innovative digital distribution model. As more legacy businesses go digital, the next step is to enable the Application Programming Interfaces required for an omnichannel approach. The key player in the market focuses on technological development such as AI and software launching for embedded Insurance.
Key Developments in the Market:
In July 2021 - Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the United States, announced a significant new enhancement to Clicklane, a technology ecosystem that allows for a complete online car-buying and selling experience. Asbury has collaborated with Salty to expand Clicklane's capabilities, further improving the customer experience. Salty Dot Inc. is an Embedded Insurance technology company.
In October 2021- NEXT Insurance, the leading digital insurance company transforming small business insurance announced the availability of NEXT Connect, a trusted embedded insurance solution for some of the leading small business software ecosystems in the U.S.
Automotive Embedded Insurance Market Dynamics:
Attributes | Details |
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Growth Drivers | - Increasing Demand for Embedded Banking Due to Ease of Use for Customers
- Rise of Digital Platforms for Embedded Insurance
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Influencing Trends | - Rising Prevalence of Banking-as-a-Service
- Risk in auto insurance will shift away from drivers and toward the artificial intelligence (AI) and software that powers self-driving cars
- Rapid Development of Automation and APIs in Banking
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Restraints | - Resistance of Banks to Adopt Embedded Banking could Hamper Market Growth
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Gaps & Opportunities | - Growing Demand for Embedded Banking Due to Regulatory Compliance Such as Payment Services
- Rising Opportunities for Direct-to-Consumer and FinTech Companies
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AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Automotive Embedded Insurance Market
- Analysis about New Entrants in Automotive Embedded Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Automotive Embedded Insurance Study Sheds Light on
The Automotive Embedded Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Automotive Embedded Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automotive Embedded Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.