Usage Based Insurance Market Trends, Analysis & Forecast,2026

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Usage Based Insurance Market Will Witness A Rapid
Growth to 2026
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Key Insights Usage Based Insurance Market

• Global usage based insurance market is projected
  to witness heavy gains in the forecast timespan
  owing to the steady uptake of UBI platforms
  across the insurance sector. Through these
  platforms, insurance companies aim to align
  insurance premiums and accurately track driving
  patterns with estimated risks.
• Increasing collaborations between solution
  providers and insurance companies would likely be
  a key factor pushing market growth. From these
  partnerships, insurance firms are focusing on
  using embedded telematics solution to grow their
  profitability.
• Citing an instance, in September 2017, Car
  Security started using CrashBox, a vehicle risk
  management platform and the telematics technology
  stack of CalAmp. The primary aim of the company
  behind move was to streamline the companys
  connected car offerings.

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Continued

• In addition, insurance companies are also
  collaborating with software firms to provide
  smartphone-based telematics insurance programs to
  customers and set themselves apart from the
  competition. Citing an instance, in August 2018,
  NJM Insurance Group collaborated with IMS for a
  new smartphone-based telematics program. NJM
  leverages the smartphone telematics of IMS to
  promote customer safety by offering rewards to
  safe drivers through a driver scoring system.
• Numerous benefits offered by telematics solutions
  to customers, when installed on smartphones, are
  some of the major reasons driving the smartphone
  segment. In fact, the smartphone segment is
  expected to dominate the market in the coming
  years.

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Market research reports Key analytical components

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Major Companies Usage Based Insurance Market

• Generali
• Octo
• Progressive
• UnipolSai
• Desjardins Group
• Nationwide

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Regional Usage Based Insurance Market

• APAC usage based insurance market is anticipated
  to observe heavy gains and grow at a CAGR of 26
  through 2026. Increasing the usage of telematic
  technologies by insurance providers in the region
  would outline the overall market outlook.
• Japan and China are at the forefront when it
  comes to using telematics technologies. In
  addition, the commercialization of UBI
  technologies across developing countries like
  Thailand, Vietnam, and India would further aid
  the market expansion.
• Apart from surging telematic solutions,
  automotive manufacturers in APAC are partnering
  with insurance providers for developing insurance
  products that are consumer-centric. Citing an
  instance, in 2017, Toyota and MS AD Insurance
  Groups Aioi Nissay Dowa Insurance together
  launched the first driving behavior-based
  telematics automobile insurance of Japan.

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