NEW YORK, Oct. 29, 2015 /PRNewswire/ -- Executive Overview of the Usage-based Insurance Market in Europe and North America : By 2020, Ecosystem Dynamics will Change with Active OEM Involvement
The market insight discusses the key trends of usage-based insurance (UBI) in Europe and North America. It identifies the key areas that offer scope for essential technology innovation and discusses Big Data, specific to the automotive industry. The insight also covers the current and the future trends of UBI (from an ecosystem point of view). OEMs, TSPs, and insurance companies will be the key UBI ecosystem partners. The market insight also discusses UBI value chain mapping, key challenges and benefits, market preferences, interest level by countries, and ecosystem involvement and partnerships.
UBI Market: Key Findings, North America and Europe, 2014–2021
Projected as low-cost insurance aimed to avoid fraudulent claims with lower insurance premium; integration with other services is still not mature.
When telematics and connectivity become standard features for vehicles, traditional insurance companies will be challenged by the innovative PAYD services offered by insurance brokers. New services will create an unchallenged value proposition for the insured, offering integrated services.
Technology and Product
Plug-and-play hardware and software solutions have been developed for the aftermarket.
Embedded systems will become a standard across all vehicles. This will enable numerous custom services as software applications will be available on a common platform, thereby reducing shifting costs among providers. Smartphone-based solutions will be a key driver for UBI.
Insurance companies are the key participants; they engage in partnerships with TSPs to offer their services to fleets and leasing companies, among others.
OEMs will become more active and will work with insurance companies and TSPs.
Ecosystem and Partnerships
TSPs that provide hardware and software play a key role in the ecosystem; they will drive partnerships in the short/medium term.
By 2020, direct partnerships between telecom operators and OEMs will become more prevalent. These partnerships will remain as a key challenge for TSPs. Insurance companies will develop their own software applications for OEMs.
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