Published on : Oct 30, 2019
Insurance for connected cars refers to technology-driven automobile insurance that leverages internet of Things and insurance premiums based on driver’s behavior. Such insurance programs promote safety in smart driving and rewarding its customers with discounts and monthly premium savings based on individual driving patterns calculated by their chosen insurer.
Connected cars are equipped with sophisticated sensors that monitor and take in account various parameters including miles drive, location, routes, driving behavior and vehicle data such as brake wear, oil temperature and tire pressure. Smart cars are viewed as digital disruptions by insurers as their traditional analytics capabilities and data sets have lost relevance before real-time data streamed by these machine-learning technologies.
An intelligence report titled, “Connected Cars in Insurance – Thematic Research” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository.
Connected cars specific business models gain prominence
Insurance ecosystem for connected cars have started adopting connectivity tools and business models that have emerged in smart devices ecosystem such as Snapshot. It is insurance program based on usage that offers discounts to customers on their driving efficiency. This program collects customer data from onboard diagnostic devices and combines it with other data to assess risks including accident frequency at particular location, time and region.
To match with the surging connected cars adoption rate, insurance companies are focusing to introduce three technological building blocks namely mobile sensors, analytical tools and customer interface, in their strategies. Mobile sensors transmit higher quality and more reliable car data. Analytical tools incorporate different vital components such as sensor data, context data for traffic and weather conditions, geographic information and appropriate business rules. Customer interfaces are presumed to be significant for better customer experience.
Connected cars ecosystem offers pool of opportunities for insurance companies as they can expand their current customer base and stock up a variety of customer data. Insurers are securing connected cars data using their own sensor technologies which prompts several insurance companies to partner with automakers to access data from manufactured-installed cars.
Connected cars in insurance: Report Synopsis
Quantitative and qualitative assessment exhort intelligence and overarching report on the connected cars in insurance. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the connected cars in insurance. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on connected cars in insurance.
An insightful and deep-dive assessment of the competitive assessment of the Connected cars in insurance pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the connected cars in insurance. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.
Connected cars in insurance: Research Methodology
Primary sources and secondary sources propel intelligence report on connected cars in insurance that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst.
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