Global usage based insurance Strategic Insights and key Business Influencing Factors
The Usage Based Insurance report includes historic data, present market trends, product consumption, environment, technological innovation, future prospects, upcoming technologies and the technical progress in the automotive industry. SWOT analysis and Porter’s Five Forces Analysis are the two consistently and promisingly used tools for generating this report. Moreover, this data is also checked and verified by the market experts before publishing it into the market report and providing it to the client. This report helps businesses decide upon various strategies such as production, marketing, sales or promotion for a particular product in the market or the new product to be launched.
Global usage based insurance market is register a healthy CAGR of 19.1% in the forecast period of 2019 to 2026. Leading Players of Usage Based Insurance Market are Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc,Ageas Group, Octo Telematics, TomTom Telematics, Liberty Mutual Insurance, Intelligent Mechatronic Systems – IMS, Mitsui Sumitomo Insurance Co. (Europe) Ltd, Watchstone Group plc, Allianz Australia, Aviva Canada, Allianz Asia Pacific, AXA Insurance Company, AXA US, Aviva Asia, AXA Italia, AXA UK, Ageas UK, Liberty Mutual Insurance Europe Limited.
Competitive analysis conducted in this Usage Based Insurance report makes you aware about the moves of the key players in the market such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions. This market report provides you with the market insights which help you have a more precise understanding of the market landscape, issues that may impose on the industry in the future, and how to position specific brands in the best way. Furthermore, businesses can decide upon the strategies about the product, customer, key player, sales, promotion or marketing by acquiring a detailed analysis of competitive markets.
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Recent Industry Developments
In November 2015, Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular.
In August 2017, Cambridge Mobile Telematics (CMT) has launched powerful smartphone telematics program for commercial fleets. This launch has improved employee safety, reduce the number of accidents and claims and increase operational efficiency and performance.
In September 2017, the company was awarded as the global pioneer in telematics insurance and champion for road safety by UK insurance sector This award made company more popular which further increases the overall sells.
In September 2017, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio.
In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application.
In June 2018, Cambridge Mobile Telematics (CMT) was awarded as best auto digital insurance product award from TU-Automotive Detroi for DriveWell. This award made Cambridge Mobile Telematics (CMT) more popular which increases the overall income of the company
The adoption of smartphones with telematics applications enables car makers and insurers to collect driving data and record trip parameters of hard braking, and acceleration. The driving data then is used by them to design usage-based insurance policies and in determining the policyholder’s premium. The huge adoption of smart-phone-based telematics is expected to drive the usage-based insurance market growth. Key market players have implemented various strategies such as partnership, acquisition, and expansion to gain competitive advantage and a stronger base in the market. Technological advancement is projected to fuel the growth of usage-based insurance industry during the forecast period, making the process easier with reduced service rate.
Key Market Segmentation of Usage Based Insurance Market
By Package type
pay-as-you-drive (PAYD),
pay-how-you-drive (PHYD),
manage-how-you-drive (MHYD)),
vehicle type
light-duty vehicle (LDV),
heavy-duty vehicles (HDV)),
Device offering (company provided,
bring your own device (BYOD
By Technology
OBD-II,
smartphone,
embedded system,
black box and others
Vehicle age
new vehicles,
on-road vehicles
Electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV)),
Geography (North America, Europe, Asia Pacific, South America, Middle East And Africa)
The report analyzes factors affecting usage based insurance System market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities and future trend. The report also provides exhaustive PEST analysis for all five regions namely; Europe, APAC, North America, MEA and South & Central America after evaluating technological factors, political, economic and social affecting the usage based insurance System market in these regions.
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Major Highlights of TOC:
Chapter One: Usage Based Insurance Market Industry Overview
1.1 Usage Based Insurance Industry
1.1.1 Overview
1.1.2 Products of Major Companies
1.2 Usage Based Insurance Market Segment
1.2.1 Industry Chain
1.2.2 Consumer Distribution
1.3 Price & Cost Overview
Chapter Two: Usage Based Insurance Market Demand
2.1 Segment Overview
2.1.1 APPLICATION 1
2.1.2 APPLICATION 2
2.1.3 Other
2.2 Usage Based Insurance Market Size by Demand
2.3 Usage Based Insurance Market Forecast by Demand
Chapter Three: Usage Based Insurance Market by Type
3.1 By Type
3.1.1 TYPE 1
3.1.2 TYPE 2
3.2 Usage Based Insurance Market Size by Type
3.3 Usage Based Insurance Market Forecast by Type
Chapter Four: Major Region of Usage Based Insurance Market
4.1 Usage Based Insurance Sales
4.2 Usage Based Insurance Revenue & market share
Chapter Five: Major Companies List
Chapter Six: Conclusion
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