By 2024, The Usage-based Insurance (UBI) Market Hold 66% Share by Via PHYD segment

The Usage-based Insurance (UBI) Market by PHYD segment projected to hold a major market share of around 66% by 2024. PHYD insurance aims at charging premiums according to an individual’s driving habits, which help insurers to offer premiums that are more tailored to individual drivers. The insurers can set the rates based on driving skills and the time from when the user is most likely to be driving. Many insurers also share data with their clients to allow them to monitor their own driving behavior.

The OBD-II technology held a major market share of around 50% in 2017 and is projected to dominate the market between 2018 and 2024. Earlier OBD devices were used to read fault codes and parameters associated with the malfunctioning of the emission systems. But with the growing trend of IoT, OBD dongles embedded with sensors are being used to detect hard breaks and accelerations, thus determining driving patterns, fuel efficiency, and road conditions. As these dongles are easy to install, they are being widely used for tracking the vehicle’s systems and the driving pattern.

To access a sample copy or view the Usage-based Insurance (UBI) Market report in detail along with the table of contents, please click the link below:

Usage-based insurance (UBI) market is expected to witness a sharp growth over the forecast timeline owing to the rapid development and adoption of connected cars. These cars are equipped with sensors that monitor miles driven, location, route, driver’s behavior, and vehicle data including the temperature and tire pressure. This data is then used by the insurers to influence driving behavior, increase claim-processing efficiency, and lower insurers’ losses by enabling the detection of fraudulent claims. Other factors driving the Usage-based insurance (UBI) market growth are the penetration of insurance telematics in passenger & commercial vehicles and the growing trend of Try-Before-You-Buy (TBYB) insurance packages. The TBYB model allows drivers to use a smartphone application that gathers data, enabling insurers to analyze risks before insuring the driver. The new solution also enables policy-holders to make sure that the policies are tailored according to their needs.

North America will emerge as one of the most profitable grounds for usage-based insurance (UBI) market. As per estimates, the region is likely to hold a total share of 35% in by 2024. The growing automobile production in the region and rising influence of connected cars with inbuilt telematic solutions will support the regional market growth. The increasing number of well-established insurance companies will also propel market trends in the region.

The companies operating in the Usage-based insurance (UBI) market are introducing new products to cater to the needs of the passenger vehicle drivers and fleet managers. For instance, in October 2018, Autonet launched a UBI private car product for drivers using VisionTrack’s video telematics solutions. This solution monitors the driving behavior and checks factors such as where the vehicle was driven and where it was kept overnight that can affect the insurance policy. Insurance companies are also entering into strategic partnerships with the telematics solution providers for developing new solutions.

Browse key industry insights spread across 270 pages with 324 market data tables & 29 figures & charts from the report, “Usage-based Insurance (UBI) Market” in detail along with the table of contents:

Report Content

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology and forecast parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary   Paid sources   Public sources

Chapter 2.   Executive Summary

2.1.  Usage-based Insurance (UBI) Market360º synopsis, 2015- 2024

2.1.1. Usage-based Insurance (UBI) MarketRegion trends

2.1.2. Package trends   Pay-How-You-Drive (PHYD)   Pay-As-You-Drive (PAYD)   Device-based   Telematics-based

2.1.3. Technology trends   OBD-II   Smartphone   Black Box   Embedded telematics

2.1.4. Vehicle type trends   Passenger vehicle   Commercial vehicle

Chapter 3.   Usage-based Insurance (UBI) MarketInsights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2015-2024

3.4.  UBI technology ecosystem analysis

3.4.1. Insurance companies

3.4.2. Automakers

3.4.3. Telematics solution providers

3.4.4. Smartphone providers

3.4.5. Telecom service providers

3.4.6. OBD device manufacturers

3.4.7. End users

Browse complete Table of Contents (ToC) of this research report @

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.