Dublin, July 27, 2020 (GLOBE NEWSWIRE) — The “Insurance Telematics in Europe and North America – 5th Edition” report has been added to ResearchAndMarkets.com’s offering.
Insurance Telematics in Europe and North America is the fifth strategy report analysing the latest developments in the insurance telematics market. This strategic research report provides you with 270 pages of unique business intelligence including 5-year industry forecasts and expert commentary on which to base your business decisions.Highlights from this report:
Europe and North America reached 27.5 million active insurance telematics policies in 2019
According to this research report, the number of insurance telematics policies in force on the European market reached 12.8 million in Q4-2019. Growing at a compound annual growth rate (CAGR) of 28.2 percent, this number is expected to reach 44.5 million by 2024. In North America, the number of insurance telematics policies in force is expected to grow at a CAGR of 29.6 percent from 14.7 million in Q4-2019 to reach 53.6 million in 2024. The US, Italy, the UK and Canada are still the largest markets in terms of insurance telematics policies.
The analyst expects in the next years a rapid increase in the uptake of smartphone-based solutions in all markets as well as an increase in the use of OEM telematics data in insurance telematics programs. The insurance telematics value chain spans multiple industries including a large ecosystem of companies extending far beyond the insurance industry players. Automotive OEMs such as General Motors, Honda, BMW, Daimler, Hyundai, Toyota and PSA Group now show an increasing interest in insurance telematics.
Players such as LexisNexis Risk Solutions, Verisk and CCC Information Services partner with OEMs and normalise connected car data in telematics exchanges which enables insurers to utilise telematics data from a vast range of sources as long as the policyholders agree to share their driving data.
Notable aftermarket telematics service providers with a focus on insurance telematics include Octo Telematics that has a dominant market share and more than 6 million devices in insurance telematics programs and other end-to-end solution providers such as Vodafone Automotive, Viasat Group, Targa Telematics, IMS and The Floow are also important players on the insurance telematics market. Smartphone-based insurance telematics solutions are now offered on a broad scale in both Europe and North America.
Cambridge Mobile Telematics is becoming a market leader in this segment of insurance telematics and powers more than 6 million insurance telematics policies, mainly in the US. Other prominent vendors of smartphone-based insurance telematics solutions include TrueMotion and Arity (subsidiary of Allstate). The uptake of smartphone-based insurance telematics policies is further fuelled by the COVID-19 pandemic situation. Insurers that have launched smartphone-based telematics products are at an advantage and can deploy UBI policies without installing telematics devices avoiding unnecessary human contact.
Key Topics Covered
Executive Summary
1 The Automotive Market 1.1 The automotive market in Europe 1.1.1 Vehicles in use and car density 1.1.2 New car registrations and leading manufacturers 1.2 The automotive market in North America 1.2.1 Vehicles in use and car parc density 1.2.2 New car registrations and leading manufacturers 1.3 Automotive insurance 1.3.1 Basic insurance terminology and categorisations 1.3.2 The fundamentals of automotive insurance 1.3.3 Traditional automotive insurance risk rating and pricing criteria 1.3.4 Developments of the actuarial toolbox for motor insurers 1.4 The European automotive insurance market 1.5 The North American automotive insurance market
2 Insurance Telematics Solutions 2.1 Introduction to insurance telematics 2.1.1 The rationale for telematics-based insurance policy pricing 2.1.2 Brief history of insurance telematics offerings 2.2 Usage-based insurance and related concepts and applications 2.2.1 Manual reporting 2.2.2 Usage-based insurance telematics – PAYD, PHYD, MHYD, TBYB 2.2.3 Continuous and time-limited telematics data recording 2.2.4 Usage-based pricing vs. claims-related insurance telematics 2.2.5 Personal lines and commercial lines insurance telematics 2.2.6 Value-added services related to insurance telematics 2.3 Insurance telematics infrastructure 2.3.1 Vehicle segment 2.3.2 Insurer segment 2.3.3 End-user segment 2.3.4 Network segment 2.3.5 GNSS segment 2.4 Business models 2.4.1 In-house development 2.4.2 Leveraging telematics partners 2.4.3 Underwriting without direct client interaction
4 The North American Insurance Telematics Market 4.1 Regional market characteristics 4.1.1 United States 4.1.2 Canada 4.2 Insurance telematics case studies 4.2.1 Progressive is the UBI telematics pioneer in the US 4.2.2 State Farm works with CMT to enhance the Drive Safe & Save program 4.2.3 Allstate offers Drivewise and Milewise in the US 4.2.4 Esurance offers DriveSense in 37 US states 4.2.5 Allstate’s subsidiary Arity expands its offering to external customers 4.2.6 Liberty Mutual has a broad portfolio of telematics products 4.2.7 Desjardins offers a smartphone app for insurance telematics in Canada 4.2.8 Nationwide offers UBI based on OBD, smartphone and OEM telematics data 4.2.9 Farmers offers insurance telematics for commercial lines powered by Modus 4.2.10 Travelers offers smartphone-based UBI 4.2.11 GEICO offers a smartphone-based telematics program in select US states 4.2.12 Toyota Insurance Management Solutions offers UBI in the US 4.2.13 CAA offers MyPace and Connect powered by Octo Telematics 4.2.14 Root Insurance is a smartphone-based insurance company 4.2.15 Noblr works with TrueMotion to offer insurance products based on telematics4.2.16 Mobileye and Munich Re collaborate in Munich Re’s Smart Mobility program 4.2.17 Progressive has launched a usage-based insurance product using ELDs 4.2.18 Nationwide offers commercial lines insurance telematics solutions 4.2.19 Philadelphia Insurance Companies offers fleet insurance telematics 4.2.20 Trov offers mobility insurance solutions built on Sentiance’s platform 4.2.21 True Mileage uses NFC and works with Ohio Mutual Insurance Group 4.2.22 Spireon adds FNOL to its Kahu consumer app 4.2.23 State Auto has a broad telematics portfolio focusing on both UBI and claims4.2.24 Hyundai, Honda and GM OnStar joins Verisk Telematics Data Exchange 4.2.25 CMT powers multiple safe driving contests in the US 4.2.26 Intact discontinues its device-based program in favour of mobile solutions 4.2.27 Metromile licences its platform to external insurers
5 Market Forecasts and Trends 5.1 Market analysis 5.1.1 Insurance telematics policies and penetration in Europe and North America 5.1.2 Form factor developments in Europe and North America 5.2 Value chain analysis 5.2.1 Insurance industry players 5.2.2 Telematics industry players 5.2.3 Automotive industry players 5.2.4 Telecom industry players 5.2.5 IT industry players 5.2.6 Mergers and acquisitions in the insurance telematics space 5.3 Market drivers and barriers 5.3.1 Macroeconomic environment 5.3.2 Regulatory environment 5.3.3 Competitive environment 5.3.4 Technology environment 5.4 Future industry trends 5.4.1 Continued broadening of the insurance telematics concept is expected 5.4.2 Insurers will embrace both UBI and claims-related insurance telematics 5.4.3 Form factor shift to favour mobile devices 5.4.4 Connected cars pave the way for mass-marketisation of insurance telematics5.4.5 New data exchanges expected to make OEM data available to small insurers 5.4.6 Fleet insurance telematics to disrupt the fleet tracking market 5.4.7 Privacy concerns are softening across customer segments 5.4.8 Big Data: Ownership and portability of telematics data to be scrutinised 5.4.9 Insurance telematics aims to reduce distracted driving 5.4.10 Mobility trends provide new opportunities for telematics-based insurance5.4.11 Vehicle diagnostics data from connected cars can create value for insurers 5.4.12 Outlook: Insurance telematics is growing rapidly in other regions 5.4.13 Pay-per-mile insurance programs are resurging 5.4.14 Insurers to explore other IoT verticals 5.4.15 The insurance telematics concept to be applicable for more vehicle types 5.4.16 Autonomous cars alter the playing field for motor insurance
6 Company Profiles and Strategies 6.1 Agero 6.2 Amodo 6.3 Autoliv 6.4 Azuga 6.5 Baseline Telematics 6.6 Bosch Connected Devices and Solutions 6.7 CalAmp 6.8 Cambridge Mobile Telematics 6.9 CCC Information Services 6.10 Driveway Software 6.11 DriveQuant 6.12 Dolphin Technologies 6.13 FairConnect (Infomobility) 6.14 Greater Than 6.15 IMS (Trak Global Group) 6.16 Ingenie Business 6.17 Insure Telematics Solutions 6.18 Inzura 6.19 LexisNexis Risk Solutions 6.20 Meta System 6.21 Modus 6.22 Munic Car Data 6.23 MyDrive Solutions 6.24 Octo Telematics 6.25 OSeven Telematics 6.26 Quartix 6.27 Redtail Telematics 6.28 Sentiance 6.29 Scope Technology 6.30 Swiss Re 6.31 Targa Telematics 6.32 Telematics Technologies 6.33 The Floow 6.34 Trakm8 6.35 TrueMotion 6.36 Verisk Analytics 6.37 Viasat Group 6.38 Vodafone Automotive 6.39 Webfleet Solutions 6.40 Zendrive
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