Published on : Jun 03, 2019
The pervasive nature of wireless connectivity, the soaring development of machine-to-machine communication and in-vehicle electronics is posing the auto insurance industry with a transformational challenge. As such, insurers are heavily investing on their ability to collect, manage, store and assess massive variable data to remain profitable and competitive. Auto insurance is becoming a bid data industry as telematics-induced usage based insurance is set to feasibly modify the business of insurance.
These insights are according to the intelligence report, titled, “Usage based Insurance Market—Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027,” which has been latterly added to Market Research Hub’s (MRH) exponential repository.
With the disruptive phenomenon of sharing goods and services, and pay-per-usage, sharing economy and data revolution have taken strong hold in several sectors—from taxi and ride share schemes to holiday accommodation. Ultimately, successful insurance brands are eying to focus on delivering personalization and flexibility in almost all facets of their proposition as UBI offers a chance for insurers to facilitate insurance to customers’ usage patterns and specific behaviors.
The innovative solutions have succored insurers better detect risk exposures, frame differentiated products and allow customers to have their say with respect to pricing, thereby propelling customer relationship management.
The policy holders and insurers are robustly adopting novel technologies and are in quest for smart ways to lower costs. According to the analysis, usage based insurance solutions is slated to be an invaluable growth trend for the next decade as the usage based insurance market is projected to surpass USD 200 billion by 2027-end.
Apart from responding to the urgent need for insurers to design personalized products, through vehicle telematics, computer and mobile communication technology and integrated navigation, UBI companies have helped to build more frequent, potent engaging relationship with customers.
Usage based Insurance Market: Report Content
Qualitative and quantitative analysis substantiate the intelligence report on the usage based insurance market. The report thoroughly delineates the facets in the market that are expected to have the bearing on the development of the usage based insurance market, including drivers, restraints, trends, and opportunities. In addition, the report also sheds light on segregation of the market that aims at providing an exhaustive analysis on usage based insurance.
Furthermore, the report offers deep-dive analysis on executive summary and overview section, which elucidate assessment on the usage based insurance market. Besides, the overview section sheds light on pricing analysis, value chain analysis, supply chain analysis and PESTLE analysis to limn usage based insurance market exhaustively.
On the other hand, the report delves into benchmarking to analyze the performance of the products and business processes and shed light on the performances of competitor companies both inside and outside the industry in quest for superior performance.
The dynamic analysis of the competitive scenario of the usage based insurance market counts on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers deep dive analysis on the potential strategies of the leading players in the usage based insurance market. Further, the business strategies banks on company profile, product portfolio, SWOT analysis, recent development and key differentiation.
Usage based Insurance Market: Research Methodology
The report on usage based insurance market hinges upon primary sources and secondary sources, which offer in-depth insights and assessments. Furthermore, the report is rest upon authentic and unbiased sources. The report relies upon primary research propelled by veracious and honest analysis from experts, telephonic interview and deep-dive analysis from seasoned analyst, and surveys. Meanwhile, the secondary research includes Factiva, EC filing, press release, governmental websites, resourceful database, and trade journals.
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