DUBLIN--(BUSINESS WIRE)--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.
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?
Market Dynamics
Drivers
- Growing Popularity of Mobile Telematics
- Prevention of False Insurance Claims
- Increasing Road Accidents
- Stringent Automotive Safety Regulations
Challenges
- Conflicting Regulations in the Adoption of Insurance Telematics
- Lack of Data Protection and Breach of Privacy
Opportunities
- Growing Popularity of Autonomous Vehicles
- Emergence of Internet of Things (IoT)
Companies Mentioned
- 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
- CalAmp Corp.
For more information about this report visit https://www.researchandmarkets.com/r/xw8ccp
