Future Market Insights
The demand within the global market for insurance telematics has been rising on account of the innovative approach adopted by insurance companies and organizations. Telematics insurance is a nascent system in the insurance sector that has helped in promoting safe and sound driving across several regional pockets. Under insurance telematics, the vehicle is equipped with a device, known as ‘black box’, that can study the driving pattern of the car over a given distance. The ‘black box’ records the distance and speeding pattern of the vehicle along with the type of terrains or roads that were traversed. This helps in fixing the insurance price that the customers have to pay after adjusting the premium. Owing to the evident utility of insurance telematics, the demand within the global market for insurance telematics is projected to touch new heights in the years to come.
Under telematics insurance, the drivers could be charged heavy amounts as a part of policy prices if the former drive during peak hours. Furthermore, driving in accident-pone regions or areas could also invite a cost for the drivers, and this factor has largely helped in managing road traffic. Hence, the popularity of insurance telematics owes to the sophistication imparted by these services to the overall transport industry. Insurance telematics is also used to track stolen vehicles across a number of regions, and this factor has propelled market demand in recent times. Besides this, governments use insurance telematics to regulate and monitor the behaviour of drivers. Hence, it is safe to prognosticate that the global insurance telematics market would expand at a robust rate in the years to come.
Recently insurance industry is facing a huge technological shift in order to stay competitive in the market. Due to innovations in IoT and using them for insurance telematics products in order to connect insurance products and their offerings are in rise. The growth in investments in the IoT insurance technologies are enabling to develop innovative insurance telematics offerings.
Insurance telematics devices are primarily used by automobile insurance companies in order to track driving behavior of the customer and based on their performance in driving there would be change in the insurance premiums.
Life insurance companies are incorporating health tracking devices in order to integrate change premiums and insurance plans based on the customer’s health change patterns. This smart life way of changing insurance offers is an example of how insurance companies are starting to make impact in the daily lives of their customers.
Market drivers & challenges:
These technology enabled products will become necessary across all segments of the insurance industry, as increase in the digital savvy customers. Growth in innovations like IoT and machine learning also increase the adoption of insurance telematics market.
Insurance telematics market is also driven by the growth in construction industry where insurance companies offer reduced premiums based on the building systems and also react and monitor utilities in order to understand water leakage, fire occupancy trends etc. Insurance companies can use this data findings and can do predictive maintenance by detecting potential problems prior to their occurrence, thereby reducing claims from the customers.
One of the major challenge faced insurance telematics market is lack of knowledge of these advanced technologies by the insurance companies and the huge task of designing the IoT applications based on company’s Policies and government regulations.
Global Insurance Telematics Market: Segmentation
Global Insurance telematics market is segmented based on the type of Deployment, by the size of the organisation, by region.
On the basis of the type of deployment Global Insurance telematics market is segmented to Cloud, On-premise.
On the basis of the size of organisation the Global Insurance telematics market is segmented to Small and Medium Enterprises (SMEs), Large Enterprises.
On basis of region global Insurance Telematics Market is segmented into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and The Middle East and Africa (MEA).
Majority of the Insurance Telematics market is dominated by Europe as there are large number of insurance companies adopting to these change. Followed by North America and Asia pacific which also share a significant market due of growth of online retail.
Key Market Players:
Some of the key players in Global Insurance Telematics Market include, CoverBox Ltd., Hughes Telematics, Inc., Insure The Box, Liberty Mutual Insurance Company, MyDrive Solutions, Novatel Wireless, Numerex Corporation, , State Farm, TomTom, TRACKER Network, Travelers Indemnity Company, Trimble Insurance Agency, Inc., ViaSat, Inc., Zurich Financial Services Ltd.
The report covers exhaustive analysis on:
Regional analysis for global Insurance Telematics Market includes development of these technologies in the following regions:
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.