Global Automotive Telematics Insurance Market: Focus on Usage-based Insurance (UBI) , Smartphone, Hardwired, OBD, Aftermarket, OEM Fitment, Supply Chain, Passenger Vehicle, and Commercial Vehicle - Analysis and Forecast, 2018-2022
Telematics is a smart solution which connects a vehicle to a data/analytics center, thus enabling the tracking of its condition during various operations. The advanced level of telematics is the integration of human psychology or human behavior with data collected in real time. A major emerging market within the automotive telematics industry is the insurance market. Automotive telematics insurance has been in the market since the 1990’s, though its penetration level in the conventional insurance domain has been very low. Since 2005, the market activities such as emerging technology players in Europe and North America, growth in telematics system in vehicles, advancement of smartphone capabilities, and low cost of networking and communication have led to exponential growth. The growth of social media has resulted in a higher application-based online user time, thus widening the scope of app-based smartphone services. Significant countries which have deployed automotive telematics insurance are the U.S., the U.K., Italy, Canada, Singapore, and Japan, among others.
An insurer utilizes telematics digital opportunity to enhance its automotive insurance business model. The advantages of automotive telematics insurance are throughout all levels of the supply chain. It can increase the profitability for the insurer and end user, higher customer engagement and feedbacks, and induce a sense of safe driving through various direct/indirect programs. The global automotive telematics insurance market supply chain has the following levels: service/platform solution providers, device manufacturers, insurance companies, system integrators, and end users.
The purpose of this research study is to analyze the market and derive answers for the following questions which would impact the future of the automotive telematics insurance market. The questions are as follows:
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