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Europe Usage-Based Insurance Market Forecast to 2026 |Mechatronic Systems Inc., Insure The Box Limited, Progressive Casualty Insurance Company, Inseego Corp, The Floow Limited, Vodafone Group

Getting knowledgeable with the most relevant product and market information helps businesses accomplish sustainable growth in the market. This Europe Usage-Based Insurance Market report provides the same by studying the market and the Automotive Industry with respect to numerous aspects. Lot of industry experts provide their inputs for carrying out detailed market analysis which have been used very vigilantly to frame this finest market research report. The report lists down the company profiles of major market players and brands which explore their actions about product launches, product enhancements, joint ventures, mergers and acquisitions with respect to effect on the sales, import, export, revenue and CAGR values.

Europe Usage-Based Insurance Market By Packaging Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), Vehicle Type (Light-Duty Vehicle (LDV), Heavy-Duty Vehicles (HDV)), Device Offering (Company Provided, Bring Your Own Device), Technology (OBD-II, Smartphone, Embedded System, Black Box and Others), Vehicle Age (New Vehicles, On-Road Vehicles), Electric and Hybrid Vehicle (Hybrid Electric Vehicle (HEV), Plug-In Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV)), Country (U.K., Germany, France, Italy, Spain, Turkey, Russia, Belgium, Netherlands, Switzerland and Rest of Europe) – Industry Trends and Forecast to 2026 .

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As name suggested usage based insurance is calculated by how corresponding vehicle is driven. In other words, usage based insurance is a kind of auto-insurance which totally depends on vehicle used, measured against time, distance, behaviour, place and others. These all usages can be measure using telematics technology; the technology is available in from of mobile application, pre-installed in the car’s network or it can be installed in USB port of the vehicle. Usage based insurance and telematics technology has wide range of benefits such as reverse gear indication, tracking of speeding, seat belt use, harsh braking, acceleration control, driver coaching by voice and others. These all benefits have potential to reduce road accidents.

Europe usage-based insurance market is expected to register with the healthy CAGR in the forecast period of 2019 to 2026.

Segmentation: Europe Usage-Based Insurance Market

Europe 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 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
  •  On the basis of vehicle type the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicles (HDV)
  • In September 2018, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio
  •   On the basis of device offering the market is segmented into company provided and brings your own device
  • 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
  •  On the basis of technology the market is segmented into OBD-II, smartphone, embedded system, black box and others.
  • In September 2017, insurethebox was awarded as the global pioneer in telematics insurance and champion for road safety by U.K. insurance sector This award made company more popular which further increases the overall sells
  • On the basis of vehicle age the market is segmented into new vehicles and on-road vehicles
  • 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)

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Table of Content:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Product Stewardship Market, By Type

7 Product Stewardship Market, By Organization Size

8 Product Stewardship Market Analysis, By Region

9 Competitive Landscape

10 Company Profiles

Key Insights in the report:

  • Complete and distinct analysis of the market drivers and restraints
  • Key market players involved in this industry
  • Detailed analysis of the market segmentation
  • Competitive analysis of the key players involved

Data Bridge Market Research also provides customized specific regional and country-level reports for the following areas.

  • North America: United States, Canada, and Mexico.
  • South & Central America: Argentina, Chile, and Brazil.
  • Middle East & Africa: Saudi Arabia, UAE, Turkey, Egypt and South Africa.
  • Europe: UK, France, Italy, Germany, Spain, and Russia.
  • Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore, and Australia.

Competitive Analysis: Europe Usage-Based Insurance Market

Some of the prominent participants operating in this market are Mechatronic Systems Inc., Insure The Box Limited, Progressive Casualty Insurance Company, Inseego Corp, The Floow Limited, Vodafone Group, Allstate Insurance Company, Octo Group, TomTom International BV, Allianz, AXA, Equitable Life Life & Casualty Insurance Company, Liberty Mutual Insurance, Verizon, Sierra Wireless, , Mapfre,  Viasat S.p.A., ASSICURAZIONI GENERALI S.P.A., , and UNIPOLSAI ASSICURAZIONI S.P.A. among others.

Product Launches

  • 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 September 2018, Progressive Casualty Insurance Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio
  • In September 2017, Vantage solution was launched to improve glimpse solution by adding tag sensor. This improved the overall quality of data by integrating smartphone and tags at a single platform

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