Today we published the new market report Insurance Telematics in Europe and North America – 5th Edition from Berg Insight which analyses the latest developments on the insurance telematics market. This study provides you with 200 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 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 programs and active policies from an international perspective, and the front-running national markets include the US, Italy, Canada, the UK and Germany. Berg Insight estimates that the total number of insurance telematics policies in force on the European market reached 12.8 million at the end of 2019.
Growing at a compound annual growth rate of 28.2 percent, the number of insurance telematics policies in force in Europe is estimated to reach 44.5 million by 2024. In North America, the total number of insurance telematics policies in force is forecasted to increase from an estimated 14.7 million policies at the end of 2019 to reach 53.6 million policies by 2024, representing a compound annual growth rate of 29.6 percent.
In the US, the top three insurers in terms of UBI policies have all introduced smartphone-based solutions to supplement or replace the previously used OBD dongles. Several US and Canadian insurers have during the recent year re-assessed and re-launched their telematics programs. The North American insurance carriers are also exploring claims-related insurance telematics as well as adding distracted driving parameters in UBI.
The European insurance telematics market is still dominated by insurers in Italy and the UK, with an estimated 9.6 million and 1.3 million policies respectively. The market in Germany has grown considerably during 2019 and reached about 0.5 million telematics policies. Uptake on all other markets is considerably lower, with between 100,000 and 300,000 policies in Spain, France, Benelux as well as Central and Eastern Europe.
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, Admiral, AXA, Liberty Mutual, Intact and Insure The Box. Insurance players can either develop telematics programs independently or rely on partners to varying degrees. Smartphone-based telematics players have taken significant market shares during the past years.
Leading vendors of smartphone-based insurance telematics solutions include Cambridge Mobile Telematics, TrueMotion and Arity (subsidiary of Allstate). Renowned telematics suppliers active in the insurance field for example include Octo Telematics, Vodafone Automotive, Viasat Group, Targa Telematics, Redtail Telematics, IMS (Trak Global Group) and The Floow. Other players on the insurance telematics market include Modus, Baseline Telematics, LexisNexis Risk Solutions, Verisk, CCC Information Services, OSeven, Amodo and Sentiance. Automotive OEMs are increasingly taking an active part in the ecosystem. Examples include General Motors, PSA Group, Honda, Renault-Nissan-Mitsubishi, Toyota, Tesla, BMW, Daimler and Hyundai.
Highlights from this report:
Insights from 30 new executive interviews with market-leading companies.
A 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 60 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 2024.
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 dominant technology form factors on each market?
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 this industry?
Analyst: Martin Svegander
Formats: Paper copy or electronic PDF licenses
Publication date: July 20, 2020
Download brochure: http://www.berginsight.com/ReportPDF/ProductSheet/bi-insurancetelematics5-ps.pdf