Usage-based insurance (UBI) market to register extensive growth via banking sector commercial vehicles Usage-based insurance (UBI) market

The North America Usage-based insurance (UBI) market can garner immense remunerations from commercial vehicle policies, as swelling premiums encourage customers to adopt relevant devices or telematics. According to the Federal Motor Carrier Safety Administration, U.S., nearly 4,440 large trucks and busses had been involved in fatal accidents in 2016, while in total over 475,000 crashes involving large trucks in the year had been reported by the police. Essentially, these numbers represent the enormous amounts of insurance claims that may have been registered during the time, indirectly pushing the overall insurance market premiums higher.

Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/3020

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.

Citing a key example showcasing the Usage-based insurance (UBI) market penetration in North America, Intelligent Mechatronic Systems Inc., headquartered in Canada, offers effective UBI solution for commercial lines. Its telematics product helps fleet owners provide insights into the crucial vehicle data, assisting insurers in calculating premiums and retain customers. Such technology improves driver awareness and overall road safety, while insurers are able to know accurate behavior and causes of any accidents that happen. With numerous technology companies and start-ups based out of U.S. and Canada, the North America usage-based insurance industry is expected to witness remarkable growth in the imminent future, accounting for almost 35% of the global share by 2024.

Usage-based Insurance (UBI) Market is characterized by the advancements in the technology cosmos. The integration of Internet of Things(IoT) in various automotive applications created an uptrend in the Usage-based insurance (UBI) industry share. The IoT enabled telematic devices are mainly deployed inside vehicles to obtain its real-time data about acceleration, braking, cornering, speed, time, and location of the drive. UBI benefits both the insurer and driver, as it offers improved efficiency of fraud detection and better customer interactions. It creates an awareness among drivers that adoption of safe driving principles can help to lower the insurance cost.

Rising number of automobiles on roads and surging insurance premiums have significantly propelled the global Usage-based Insurance (UBI) Market expansion, in conjunction with rapidly developing supportive technologies. The ability to track aspects such as how a car is driven, behavior of the driver and the amount of distance travelled has enabled insurers to use UBI for predicting premium earnings, while vehicle owners are saving on insurance costs.

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: https://www.gminsights.com/industry-analysis/usage-based-insurance-ubi-market

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.

Major Table of Content

Chapter 3.   Usage-based Insurance (UBI) Market Insights

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 @ https://www.gminsights.com/toc/detail/usage-based-insurance-ubi-market

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.