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The study provides an overview of insurance and repair processes when an electric vehicle (EV) is damaged in an accident. Covered regions include North America (the United States and Canada) and Europe (including the United Kingdom). The key challenges that repairers and auto insurers face when repairing an electric vehicle and the factors that ...

In the rapidly changing automotive landscape, disruptive technologies are paving the way for a multitude of customer conveniences, with usage-based insurance (UBI) emerging as a standout example. This innovative business model is revolutionizing how insurance companies, original equipment manufacturers (OEMs), and leasing and rental fleets collect ...

The global usage-based insurance (UBI) market is experiencing a transformative shift, driven by the rapid adoption of connected technologies and data-driven insights. Traditional insurance models have struggled to keep pace with the evolving automotive landscape, where driver behavior and vehicle usage patterns are becoming more integral to risk as...

Insurance is a vital safety net that protects individuals against the financial blowback of accidents by covering vehicle repairs, medical expenses, and potential liabilities. The automotive industry s increasing digitization has brought significant changes to automotive insurance. First notice of loss (FNOL) and digital accident detection and resp...

The global automotive insurance industry is undergoing an impressive transformation as digitalization, connectivity, and data-driven models reshape how insurance is designed, delivered, and experienced. Traditional static policies are giving way to dynamic, usage-based, and behavior-based products that reflect real-world driving habits, enabled by ...

The objective of this research is to analyze the growth potential of telematics-enabled usage-based insurance (UBI) service in the North American market. The study also illustrates the impact of legislations put forth in California on the total telematics-enabled UBI market. The main objective of this study is to highlight the following: The market...

15 Jun 2021  |  North America  |  Market Research

US Automotive Usage-based Insurance Growth Opportunities

Transformational Growth Enabled by Connected Data Ecosystems Drives New Insurance Models

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For decades, automotive insurers have based underwriting on historical driver data and demographics. Drivers were forced to settle for one-size-fits-all policies that did not take into account their driving habits or miles driven. This began to change with the emergence of real-time tracking of vehicle and driver behavior with vehicle telematics. T...

The 24/7 connectivity and instant gratification are transforming the way we operate and automotive F&I is no exception to that. Automotive manufacturers, financial institutions, and technology companies are realizing the numerous advantages of integrating millennial-centric solutions and payment options for insurance and finance; fundamentally chan...

In the post-pandemic era, the soaring trend of connected cars, users' adoption of in-vehicle connected services, and rising awareness of vehicle usage are encouraging the growth of automotive usage-based insurance (UBI) in Europe-5 countries (the United Kingdom, Germany, Italy, France, and Spain). Insurance companies' telematics adoption is revolut...