The Europe usage based insurance report provides an extensive research and detailed analysis of the present market along with future market outlook. This Europe usage based insurance report covers the analysis of the key stakeholders of the automotive industry. Key players of the market are being profiled along with their respective financials and growth strategies. The overviews, SWOT analysis and strategies of each vendor is mentioned in the report. It also provides understanding about the market factors and how those can be exploited to create future opportunities. Company profiling with point by point systems, financials and ongoing improvements are mentioned in the report.
This Europe usage based insurance report consist of the world’s crucial region market share, size, trends including the product profit, price, value, production, capacity, capability utilization, supply and demand and industry growth rate. Besides the market competitive scenario extensively evaluated in the report, the analysis comprises a study of participant’s core values, niche markets, missions, objectives, strength and weakness. It also studies rivalry structure and intensity at minute level and explains the market’s association with its peers and parent markets. The Europe usage based insurance report chiefly focuses on offering competitive advantages to market players which helps them to compete robustly in the ever-changing business environment
Europe usage based insurance market is developing with the healthy CAGR of 18.6% in the forecast period of 2019 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.
Key Players of Europe usage based insurance market
Some of the prominent participants operating in this market are 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
In November 2015, Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular. In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application. 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
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. 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. 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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Major Benefits of usage-based insurance:
Attracting low-risk drivers
Enhancing customer loyalty
Reducing claims costs
Increasing the number of potential touch-points per year
Providing personalized, revenue-generating, value-added services to insurance plans to serve customer interests more effectively
The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives
Key Market Segmentation of Europe Usage Based Insurance Market
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 19.2% in the forecast period of 2019 to 2026.
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 19.0% in the forecast period of 2019 to 2026.
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 18.8% in the forecast period of 2019-2026.
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 19.1% in the forecast period of 2019 to 2026.
On the basis of device offering, the market is segmented into company provided and bringyour own device (BYOD). The company provided market is growing at the CAGR of 18.0% in the forecast period of 2019-2026.
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 19.3% in the forecast period of 2019 to 2026.
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Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process.
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