Strategic Analysis of the European Markets for Telematics Based Car Insurance SystemsFrost & SullivanAugust 31, 2007 49 Pages - SKU: MC1559801 |
| Countries covered: Europe Research Overview This Frost & Sullivan research service titled Strategic Analysis of the European Markets for Telematics Based Car Insurance Systems provides the key objectives behind the introduction of these systems and also presents recent trends in the market space that reiterate the motive. The study also includes a market size analysis as well as forecasts of unit volumes and system revenues. Moreover, a description of the competitive scenario reveals the position of different insurance companies and offers an insight into development activities in key markets. Market Sectors Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
The following technologies are covered in this research:
Opportunity for Savings on Annual Premium is a Key Factor Influencing the Adoption of Telematics based Insurance Systems Telematics based insurance emerged with the hope of attracting customers towards a concept that aimed at reducing the number of claims for damages, but created an appreciable savings on annual premium. This concept, already present in the North American market, has made its debut in the European market through Norwich Union’s Pay As You Drive (PAYD). "With different connotations for passenger cars and commercial vehicles, telematics based insurance is a great tool when combined with other exciting telematics features such as eCall, stolen vehicle tracking and remote vehicle diagnostics," notes the analyst of this research service. "The key factor that will eventually define the success of the telematics based insurance model is the ability to integrate various telematics features on to one device and provide low-cost service." Growth Potential Hinges on the Implementation of the eCall Legislation The European market for telematics based insurance is set to grow and is estimated to touch 2.2 million units by 2015, which means that 2.2 million cars on the road will be equipped with PAYD. This amounts to a CAGR of 96 per cent from a mere 10000 units in 2007. A key reason that explains this growth is that in 2007, the entire market will be spread only over the United Kingdom. Other European countries including Germany, Switzerland and Italy are expected to make their foray by 2010. In addition, with the eCall standard likely to be introduced in September 2010, the market is set to experience robust growth in the period from 2010 to 2015. Moreover, a high level of cooperation among insurance companies, mobile network providers, data management solution providers and other supporting companies will become necessary to promote the concept of telematics based insurance in both the passenger car market and the commercial vehicle segment. |
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