DUBLIN--(BUSINESS WIRE)--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:
- Insights from 30 new executive interviews with market-leading companies.
- Comprehensive overview of the insurance telematics value chain and key applications.
- In-depth analysis of market trends and key developments.
- Case studies of more than 60 insurance telematics initiatives.
- Summary of the involvement of vehicle OEMs and mobile operators.
- New data on vehicle populations in Europe and North America.
- Market forecasts by country lasting until 2024.
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.
In North America, the market is dominated by US-based Progressive, Allstate, Liberty Mutual, Nationwide and State Farm as well as Intact Financial Corporation and Desjardins in Canada. The Italian insurers UnipolSai and Generali together accounted for 50 percent of the telematics-enabled policies in Europe. Insurers with strong adoption in the UK moreover include Admiral Group and Direct Line. The European insurance telematics market is largely dominated by aftermarket blackboxes while self-install OBD devices and mobile applications represent the vast majority of the active policies in North America.
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.
In summary, the report answers the following questions:
- What types of insurance telematics products are offered on the market?
- Which are the leading providers of insurance telematics technology?
- What business models are available for insurers entering the insurance telematics space?
- Which are the dominant technology form factors on each market?
- Which are the most successful insurance telematics programs today?
- How are mobile operators approaching the insurance telematics market?
- How are the vehicle OEMs involved in the ecosystem?
- Which are the major drivers and barriers for insurance telematics adoption?
- Which are the key future trends in this industry?
Key Topics Covered
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
3 The European Insurance Telematics Market
3.1 Regional market characteristics
3.1.2 United Kingdom
3.1.8 The Nordics
3.1.10 Central and Eastern Europe
3.2 Insurance telematics case studies
3.2.1 More than 40 percent of the vehicles insured by UnipolSai feature a blackbox
3.2.2 Generali offers a wide portfolio of insurance telematics products
3.2.3 Smartphone-only solutions - a growth engine for Allianz's telematics offerings
3.2.4 AXA offers its insurance telematics portfolio in multiple European countries
3.2.5 Admiral Group has multiple insurance telematics programs in Europe
3.2.6 Insure The Box has sold more than 1 million blackbox-based policies
3.2.7 Direct Line Group uses a variety of sensors for gathering of telematics data
3.2.8 Aviva adds a free dashcam feature to its Aviva Drive app in the UK
3.2.9 Ingenie targets drivers in the 17-44 year old age bracket
3.2.10 IMS expands Carrot Insurance's platform to North America
3.2.11 Marmalade targets young drivers
3.2.12 RSA offers UBI via MORE TH>N SM>RT WHEELS and 123GO
3.2.13 Be Wiser offers Drive Wiser PHYD insurance in the UK based on Coverbox
3.2.14 Autoline (Prestige) offers ChilliDrive powered by Inzura
3.2.15 By Miles offers PAYD using aftermarket OBD devices and OEM telematics
3.2.16 CalAmp invests in the insurance marketplace
3.2.17 PSA Group offers UBI in the UK, Belgium and France
3.2.18 Daimler offers UBI in five European countries
3.2.19 HUK-Coburg relaunched Telematik Plus in 2019
3.2.20 VHV's Telematik Garant uses a 12V device with built-in connectivity
3.2.21 German insurer Signal Iduna launches UBI based on a smartphone app
3.2.22 EMIL powers pay-per-mile telematics products in Germany
3.2.23 UNIQA SafeLine powered by Dolphin Technologies focuses on safety
3.2.24 Groupama offers insurance telematics in multiple countries
3.2.25 Chipin pioneered insurance telematics in the Netherlands
3.2.26 MAPFRE provides insurance telematics products in Spain and the US
3.2.27 SA and Sparkassen Versicherung offer eCall services in Germany
3.2.28 GDV launches eCall service with 46 participating German insurers
3.2.29 Zavarovalnica Triglav works with Amodo to bring UBI to Eastern Europe
3.2.30 PZU Group and Link4 have launched telematics programs in Poland
3.2.31 CHERRISK rewards safe driving
3.2.32 HDI Global has launched DiamondDrive in Germany
3.2.33 Zurich invested in the connected car service provider AutoSense in 2019
3.2.34 Springworks International powered Telia Sense is used by Folksam
3.2.35 Paydrive leverages aftermarket and OEM telematics for UBI
4 The North American Insurance Telematics Market
4.1 Regional market characteristics
4.1.1 United States
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 telematics
4.2.16 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 claims
4.2.24 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 telematics
5.4.5 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 insurance
5.4.11 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
6.5 Baseline Telematics
6.6 Bosch Connected Devices and Solutions
6.8 Cambridge Mobile Telematics
6.9 CCC Information Services
6.10 Driveway Software
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
6.19 LexisNexis Risk Solutions
6.20 Meta System
6.22 Munic Car Data
6.23 MyDrive Solutions
6.24 Octo Telematics
6.25 OSeven Telematics
6.27 Redtail Telematics
6.29 Scope Technology
6.30 Swiss Re
6.31 Targa Telematics
6.32 Telematics Technologies
6.33 The Floow
6.36 Verisk Analytics
6.37 Viasat Group
6.38 Vodafone Automotive
6.39 Webfleet Solutions
For more information about this report visit https://www.researchandmarkets.com/r/kr3mut