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Growth Opportunities in Passenger Vehicle Usage-based Insurance Market, Global, 2024 2030 Updated Research Available
Digitalization; Smartphone Use; Connected, Autonomous, Shared, and Electric Mobility; Post-pandemic Shifts; and Innovative Usage-based Insurance Business Models are Driving Transformational Growth in the UBI Market
23-Oct-2024
Global
Market Research
PFO4-01-00-00-00
AU_2024_1080
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 assessment. UBI has emerged as a solution to this challenge, offering insurance models that prioritize personalization, transparency, and real-time data analytics. The rise of telematics and technological advancements in artificial intelligence (AI), machine learning (ML), and Internet of things (IoT) are enabling insurers to develop highly tailored programs that better align with individual driving habits.
Drawing on interviews with key stakeholders in the industry, this research uncovers growth opportunities and identifies challenges that market participants must navigate to stay competitive. The report provides actionable insights for companies looking to capitalize on the emerging trends and technologies shaping the future of the UBI market, offering a clear road map for success in this rapidly evolving sector.
Research Highlights
This Frost & Sullivan analysis of the global UBI market for passenger vehicles…
- …examines the growth of UBI programs in North America, Europe, Asia-Pacific, South America, and the Middle East and Africa, focusing on revenue potential and the number of active policies.
- …forecasts market development trends through 2030, offering insights into expected growth trajectories for UBI adoption.
- …identifies key market trends such as the shift towards integrated solutions, along with the increasing relevance of connected vehicle ecosystems.
- …profiles leading players in the UBI space, detailing their strategies and innovations that are shaping the market landscape.
- …highlights the significance of partnerships between insurers, automakers, and telematics providers in offering enhanced services.
Key Findings
UBI Penetration and Forecast Snapshot—Global
Regional Market Snapshot—NA
Regional Market Snapshot—Europe
Regional Market Snapshot—APAC
Regional Market Snapshot—South America
Regional Market Snapshot—the Middle East and Africa
UBI Portfolio and Technology Snapshot—Insurers
Portfolio Snapshot—TTPs/TSPs
Key Strategic Partnerships and Recent Initiatives in the UBI Space
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Automotive UBI Industry
Scope of Analysis
Segmentation
Regional Segmentation
Market Definition
Distribution Channels
Competitive Environment
Key Competitors
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Considerations
Revenue and UBI Policy Forecast
Revenue Forecast by Region
Revenue Forecast Analysis
UBI Policy Forecast by Region
UBI Pricing Trends Forecast by Region
Pricing Trends and Forecast Analysis
Pricing Trends and Forecast Analysis (continued)
Evolution of Automotive UBI
UBI—Hardware Variations
Automotive UBI Business Models
UBI Pricing Model Analysis
Parameters in the Automotive Insurance Sector
Connected Cars—New Parameters
Major Trends Impacting Automotive UBI
CASE Impact
Connectivity Enabler for UBI and New Use Cases
Connectivity Improving Automotive Insurance Underwriting
UBI Services—Leveraging IoT and New Technologies
Future Roadmap
Growth Metrics
Revenue and UBI Policy Forecast
UBI Penetration Forecast
Forecast Analysis
Forecast Analysis (continued)
Growth Metrics
Revenue and UBI Policy Forecast
UBI Penetration Forecast
Forecast Analysis
Forecast Analysis (continued)
Growth Metrics
Revenue and UBI Policy Forecast
UBI Penetration Forecast
Forecast Analysis
Forecast Analysis (continued)
Growth Metrics
Revenue and UBI Policy Forecast
UBI Penetration Forecast
Forecast Analysis
Growth Metrics
Revenue and UBI Policy Forecast
UBI Penetration Forecast
Forecast Analysis
Forecast Analysis (continued)
Allstate
Progressive
State Farm
Liberty Mutual
Allianz SE
AXA
Assicurazioni Generali S.p.A (Generali Group)
Unipoltech Solution Technology (Unipol Sai)
Aioi Nissay Dowa Insurance (MS & AD Insurance Group Holdings, Inc.)
MAPFRE
Octo Telematics
Targa Telematics
CMT (Cambridge Mobile Telematics)
IMS
CCC
LexisNexis Risk Solutions
Verisk Analytics
Zendrive
Growth Opportunity 1: Expanding into Emerging Markets
Growth Opportunity 1: Expanding into Emerging Markets (continued)
Growth Opportunity 2: Strategic Partnerships with OEMs and Technology Providers
Growth Opportunity 2: Strategic Partnerships with OEMs and Technology Providers (continued)
Growth Opportunity 3: Leveraging AI, ML, and Blockchain
Growth Opportunity 3: Leveraging AI, ML, and Blockchain (continued)
Benefits and Impacts of Growth Opportunities
Next Steps
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
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