Automotive Usage-Based Insurance (UBI) Market Will Account Fort 33 M Policyholders Worldwide in 2016

Tuesday 17 May 2016, Amsterdam

The arrival and swift uptake of the Connected Car signals a new age of innovation for the automotive industry, as stakeholders quickly alter to the innumerable possibilities presented by a wealth of value-added services. The execution of wireless connectivity within vehicles has formed exceptional opportunities for superior effectiveness, security and device-integration all over the driving experience. Of these connected car services, usage-based insurance (UBI) holds the greatest potential to be truly revolutionary.

An innovation in motor insurance, UBI closely aligns driving behaviour with premium rates for auto insurance. Harnessing the potential of the connected car, mileage and driving behaviours are tracked by in-vehicle telematics devices. Thus, a driver’s behaviour on the road can be monitored directly whilst they drive, providing insurance companies with a wealth of significant data. Over the coming years, a large number of new entrants will be influencing this burgeoning and developing market. As partnerships and synergies form between insurance providers, Telematics Service Providers, car manufacturers, smartphone app developers, Mobile Network Operators, and many more, the Usage-based Insurance market will rapidly become the option of choice for motor insurance.

The visiongain author of the 221 page Automotive Usage-Based Insurance (UBI) Market Report 2016-2026: Forecasts & Analysis of Leading Companies Developing Black-Box, OBD-II Dongle, Smartphone & Hybrid Telematics Solutions For The Connected Car that:

‘’We consider that adoption of Usage-Based Insurance will boost rapidly over the next ten years, as consumer awareness is increased by the swiftly forming synergies and partnerships amid Telematics Service Providers, insurers and Automotive OEMs. A progressively more diverse UBI market will be seen over coming years, with Smartphone and Hybrid solutions playing an increasingly dominant role.”