Canadian Automotive UBI Growth Opportunities

This research service identifies new scenarios influencing the automotive usage-based insurance (UBI) industry in Canada, as well as evolving and new business models in this space. The study identifies and analyzes industry trends and shifts, with a focus on connected new-age vehicles. Over the last few years, the automotive insurance industry has undergone rapid transformation. The traditional one-size-fits-all approach to premium rates and underwriting, based on limited parameters, historical driver data, and demographics, is becoming largely redundant. The emergence of real-time tracking of vehicle and driver behavior with vehicle telematics and smartphone connectivity, combined with algorithms based on a number of factors that capture the true cost of risk, helps reduce insurance premiums now. This results in significant cost savings for both the insurance companies and the insured. The evolution of connectivity technology has disrupted the automotive insurance ecosystem, resulting in the formation of new relationships between insurers, telematics service providers (TSPs), original equipment manufacturers (OEMs), and end users. As a result, new types of risks in the mobility landscape must be insured, rendering traditional insurance solutions obsolete and necessitating a shift in how insurance is evaluated. Customers who share their data benefit from personalized policies with lower premiums, and automakers can start monetizing data generated by connected vehicles, which have become critical inputs for insurers. This research also highlights market, technology, and trend information to help the reader understand where market opportunities exist. Top trends include data-enabled use cases, artificial intelligence, and future scenarios of technologies such as blockchain, as illustrated by case studies from leading automakers. This study also includes benchmarks solutions of telematics service providers and insurance companies by examining company portfolios of solutions and services, key industry associations, and provide future outlook of the UBI industry.--BEGIN PROMO--

Key Issues Addressed

• What are the addressable opportunities from UBI policies between 2021 and 2028
• What are the critical partnerships that must be established for success in the UBI industry What are the current UBI proposals
• What are the drivers and challenges of the UBI industry in Canada
• Who are the stakeholders in the UBI ecosystem and how does it evolve
• What is the future outlook for the Canadian UBI industry