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US Automotive Usage-based Insurance Growth Opportunities
Transformational Growth Enabled by Connected Data Ecosystems Drives New Insurance Models
15-Jun-2021
North America
Market Research
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. The proliferation of telematics technology-enabled new relationships to be formed between insurers, telematics service providers (TSPs), original equipment manufacturers (OEMs), and customers. In this new ecosystem, TSPs provide hardware and data lakes that allow insurers to improve risk assessment and automate manual processes, thus providing massive operational savings. OEMs can start to monetize their pools of vehicle and driver data as they have become crucial inputs for insurers while customers willing to share their data benefit from personalized policies with lower premiums. The net sum of these new relationships yields higher margins for insurers while TSPs and OEMs capitalize on double-digit growth of white space opportunities.
Author: Nicolas Inchaustegui
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
Usage-based Insurance and the Strategic Imperative 8™
Growth Opportunities Fuel the Growth Pipeline Engine™
Automotive Usage-based Insurance Market Overview
Automotive UBI Business Model Definition
UBI Data Collection
Data Collection Empowers UBI Pricing Model Analysis
Aftermarket Telematics Devices for Automotive UBI Data Collection
Telematics Data Exchange
North America—UBI Market Analysis
Automotive Usage-based Insurance Market Segmentation
Key Participants in the North American Market
Key Growth Metrics
Key Findings
Growth Drivers in Automotive UBI Market
Growth Driver Analysis
Growth Restraints in Automotive UBI Market
Growth Restraint Analysis
Forecast Assumptions
Revenue Forecast—Total
Revenue Forecast—By Segment
Revenue Forecast Discussion
North American UBI Telematics Vendor Analysis
North American Insurance Providers
OEM Partnerships with Insurance Companies and TSPs
Progressive
State Farm
Allstate
Nationwide
Liberty Mutual
Root Insurance
Metromile
Truemotion
Octo Telematics
Cambridge Mobile Telematics
Lexisnexis
Verisk
IMS (Insurance & Mobility Solutions)
Otonomo
CCC
Competitive Environment
Global UBI Market—Market Share of TSPs and Insurance Companies
Market Share Analysis
Growth Opportunity 1: Insurers Partner with OEMs to Improve Customer Acquisition and Touch Points, 2020
Growth Opportunity 1: Insurers Partner with OEMs to Improve Customer Acquisition and Touch Points, 2020 (continued)
Growth Opportunity 2: Telematics Service Providers Focus on Data Exchanges to Power Connected Vehicle Experiences, 2020
Growth Opportunity 2: Telematics Service Providers Focus on Data Exchanges to Power Connected Vehicle Experiences, 2020 (continued)
Growth Opportunity 3: OEMs Partner with Telematics Service Providers to Enable Seamless Connected Services, 2020
Growth Opportunity 3: OEMs Partner with Telematics Service Providers to Enable Seamless Connected Services, 2020 (continued)
List of Exhibits
Legal Disclaimer
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| Deliverable Type | Market Research |
|---|---|
| Author | Nicolas Inchaustegui |
| GPS Codes | 9800-A6,9813-A6,9A70-A6,9694,9968-A6,9B13-A6 |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | MG37-01-00-00-00 |