NEW YORK, Dec. 2, 2016 /PRNewswire/ -- Insurance Telematics in Europe and North America is the second strategy report from Berg Insight analysing the latest developments on the insurance telematics market This strategic research report from Berg Insight provides you with 190 pages of unique business intelligence including 5-year industry forecasts and expert commentary on which to base your business decisions
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?
How will the insurance telematics markets develop in Europe and North America?
The integration of telematics technology constitutes the latest revolution for the automotive insurance industry The concept of telematics is a portmanteau of telecommunications – long-distance communication – and informatics – the science of information Telematics in general thus refers to the collection of information related to remote objects such as vehicles via telecommunication networks
The introduction of telematics technology in the context of automotive insurance is commonly referred to as usage-based insurance (UBI) or insurance telematics Solutions of this type generally enable automotive insurers to improve pricing mechanisms based on actual driving data, gain better control of claims and differentiate their offerings to current and prospective policyholders Variants of insurance telematics which have been popularised over the years include behaviour-based pricing models such as Pay-As-YouDrive (PAYD), Pay-How-You-Drive (PHYD) and Manage-How-You-Drive (MHYD)
The addressable market for insurance telematics is significant A total of around 282 million vehicles were in use in EU23+2 in 2014, including over 246 million passenger cars In North America, an estimated total of around 276 million vehicles were in use in 2014, out of which passenger cars and light trucks are estimated to represent almost 263 million vehicles Some kind of basic automotive insurance is mandatory in most developed countries and there are moreover a number of subcategories of insurance that provide coverage for different types of unforeseen events involving motor vehicles Motor gross written premiums in EU23+2 reached a total of over € 125 billion in 2014 The equivalent number for North America was US$ 215 billion (€ 162 billion) in 2014
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