Today sees the publication of the new market report Insurance Telematics in Europe and North America – 2nd Edition which is a comprehensive report from Berg Insight analysing the latest developments on the insurance telematics market. This study provides you with 190 pages of unique business intelligence, including 5-year industry forecasts, expert commentary and real-life case studies on which to base your business decisions.
The nascent insurance telematics market is currently in a phase of strong growth which is expected to accelerate in the coming years. Europe and North America so far represent the vast majority of all insurance telematics programmes and active policies from an international perspective, and the front-running national markets include the US, Italy and the UK. Berg Insight estimates that the total number of insurance telematics policies in force on the European market reached 5.3 million at the end of 2015. Growing at a compound annual growth rate of 37.2 percent, the number of insurance telematics policies in force in Europe is estimated to reach 25.8 million by 2020. In North America, the total number of insurance telematics policies in force is forecasted to increase from an estimated 6.3 million policies at the end of 2015 to reach 42.1 million policies by 2020, representing a compound annual growth rate of 45.8 percent.
The market penetration of UBI in Canada has previously been considerably lower than in the US. However, the number of telematics-based auto insurance policies in Canada has seen tremendous growth during the past year and is now estimated at 450,000. In the US, the top three insurers in terms of UBI policies have all introduced or announced plans to launch smartphone-based solutions to supplement or replace the previously used OBD dongles. The European insurance telematics market is still dominated by insurers in Italy and the UK, with an estimated 4.3 million and 540,000 policies respectively. Uptake on all other markets are considerably lower, with between 50,000 and 100,000 policies in Spain, Austria and France, and between 10,000–20,000 policies in Benelux, Switzerland, Scandinavia and Germany.
The insurance telematics value chain spans multiple industries. Insurers with notable presence in the insurance telematics market include Progressive, UnipolSai, State Farm, Allstate, Generali, Allianz, Intact and Insure The Box. Insurance players can either develop telematics programmes independently or rely on partners to varying degrees. Renowned telematics suppliers active in the insurance field for example include Octo Telematics, Vodafone Automotive and LexisNexis Risk Solutions. Intelligent Mechatronic Systems, Cambridge Mobile Telematics, The Floow, Modus, Baseline Telematics and DriveFactor are also notable players on the market. Automotive OEMs are increasingly taking an active part in the ecosystem. Examples include General Motors, Ford, Renault-Nissan, BMW, Daimler and Fiat. In addition, mobile operators such as Vodafone, Telefónica, Verizon and Sprint are offering insurance telematics solutions, commonly working with telematics partners. The insurance telematics market has seen significant M&A activity in recent years, involving diverse players from many parts of the ecosystem. Notable deals in 2014 include Vodafone’s acquisition of Cobra, Renova Group’s purchase of Octo Telematics, ANDIE (MS&AD) which acquired Insure the Box and LexisNexis’ acquisition of Wunelli. In 2015, Generali Group acquired the UK start-up MyDrive Solutions and in early 2016 the Canadian insurance company Intact made an investment in San Francisco-based Metromile.
Highlights from this report:
Insights from 30 new executive interviews with market leading companies.
Comprehensive overview of the insurance telematics value chain and key applications.
In-depth analysis of market trends and key developments.
Case studies of more than 40 insurance telematics initiatives.
Summary of the involvement of vehicle OEMs and mobile operators.
New data on vehicle populations in Europe and North America.
Market forecasts by country lasting until 2020.
This report answers the following questions:
What types of insurance telematics products are offered on the market?
Which are the leading providers of insurance telematics technology?
What business models are available for insurers entering the insurance telematics space?
Which are the most successful insurance telematics programs today?
How are mobile operators approaching the insurance telematics market?
How are the vehicle OEMs involved in the ecosystem?
Which are the major drivers and barriers for insurance telematics adoption?
Which are the key future trends in the industry?
Analysts: Rickard Andersson and Jonas Wennermark
Formats: Paper copy or electronic PDF licenses
Publication date: June 17, 2016
Please find on the link below more detailed information (brochure and table of contents) about our new report “Insurance Telematics in Europe and North America – 2nd Edition”. The report can be purchased in our online report shop at: http://www.berginsight.com/ShowReport.aspx?m_m=3&Id=230