North America Usage Based Insurance Market Research Report peaks the detailed analysis of industry share, growth factors, development trends, size, majors manufacturers and 2026 forecast. The report also analyzes innovative business strategies; value added factors and business opportunities. The North America Usage Based Insurance Market report introduces market competition situation among the vendors and company profile, revenue, product & services, latest developments and business strategies.
North America usage based insurance market is growing with healthy CAGR of 19.3% in the forecast period of 2019 to 2026.
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Major market drivers and restraints: North America Usage Based Insurance Market
- Reduced Premium costs in comparison to normal automotive insurance, also increase in the vehicle sales has raised the demand for insurance of vehicles.
- Government regulations are not clear on Usage-Based Insurance, which makes the whole process complicated as no clear regulations are set for the users.
- Technology is projected to advance in the coming years and hence, Usage-Based insurance which is majorly dependent on the technological aspect is projected to register significant market growth.
- Usage-Based Insurance is dependent on the driving score. The technology used to calculate these driving scores is expected to be expensive in future; therefore, increasing the cost of the insurance will be a major restraining factor.
Key Players: North America Usage Based Insurance Market
Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc,Ageas Group, Octo Telematics, TomTom Telematics, Liberty Mutual Insurance, Intelligent Mechatronic Systems – IMS, Mitsui Sumitomo Insurance Co. (Europe) Ltd, Watchstone Group plc, Allianz Australia, Aviva Canada, Allianz Asia Pacific, AXA Insurance Company, AXA US, Aviva Asia, AXA Italia, AXA UK, Ageas UK, Liberty Mutual Insurance Europe Limited
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Market Segmentation: North America Usage Based Insurance Market
North America usage-based insurance market is segmented into six notable segments which are package type, vehicle type, device offering, technology, vehicle age, and electric & hybrid vehicle.
- On the basis of package type, the market is segmented into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD). In 2019, the pay-as-you-drive (PAYD), market is growing at the CAGR of 19.6% in the forecast period of 2019-2026.
In November 2015, Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular.
- On the basis of vehicle type, the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicles (HDV). In 2018, light-duty vehicle (LDV) market is growing with the highest CAGR of 19.8% in the forecast period of 2019 to 2026.
In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application.
- On the basis of device offering, the market is segmented into company provided and bring your own device (BYOD). The company provided market is growing at the CAGR of 18.7% in the forecast period of 2019-2026.
In June 2018, Cambridge Mobile Telematics (CMT) was awarded as best auto digital insurance product award from TU-Automotive Detroi for DriveWell. This award made Cambridge Mobile Telematics (CMT) more popular which increases the overall income of the company
- On the basis of technology, the market is segmented into OBD-II, smartphone, embedded system, black box and others. In 2018, embedded system market is growing with the highest CAGR of 20.2% in the forecast period of 2019 to 2026.
In August 2017, Cambridge Mobile Telematics (CMT) has launched powerful smartphone telematics program for commercial fleets. This launch has improved employee safety, reduce the number of accidents and claims and increase operational efficiency and performance.
- On the basis of vehicle age, the market is segmented into new vehicles and on-road vehicles. In 2018, on-road vehicles market is growing with the highest CAGR of 19.8% in the forecast period of 2019 to 2026.
In September 2017, the company was awarded as the global pioneer in telematics insurance and champion for road safety by UK insurance sector This award made company more popular which further increases the overall sells
- On the basis of electric and hybrid vehicle, the market is segmented into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV).In 2018 Battery Electric Vehicle (BEV) market is growing with the highest CAGR of 20.1% in the forecast period of 2019 to 2026.
In September 2017, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio
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Recent Industry Developments
- In September 2018, Allstate launched a product for life insurance which will pay on monthly basis rather than lump sum amount. This is consumer driven product which will help the company to cover more market share and to aware the people about life insurance.
- In October 2018, The Floow launches FlowFleet for the insurer who deals in commercial line. This helped the insurance company to better manage the risk and to provide the optimal premium price to their customer in the high premium rising market.
- In June 2018, Allstate launched pay per mile i.e. usage based insurance in New Jersey. This insurance gives more control to customer about their insurance premium and plans for using telematics services for better management in their insurance segment.
- In March 2018, Octo Telematics entered into partnership with Renault finance company to provide data analytics and services to its customer globally. This will increase the global market share of the company.
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