Usage Based Insurance Market - Stakeholders Acknowledge Potency of Telematics Data

Published: Fri Jul 26 2019

Monitoring the way people actually drive has stemmed more invaluable indicator as tracking whether policyholders take turns to sharply or stop short too often, the sorts of conditions they drive in and even if their vehicles are aptly maintained takes center stage. The predictive potency of the telematics data has been undeniable as insurers focus on assessing and facilitating the huge amount of telematics data produced by the usage based insurance market to propel their UBI-based models. As such, using telematics to aid drivers enhance their performance and avert accidents.

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These insight are according to the intelligence report, titled, "Usage Based Insurance Market—Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027," which has been of late added to Market Research Reports Search Engine’s (MRRSE) ever-expanding armamentarium.

UBI has panned out to be consumer friendly and socially appealing as it has become judicious and apt to vary premium based on the way the vehicle is driven. Adoption of UBI has led to reduction in the dependence on proxy variables such as driver assignment, insurance scores and infrequent accidents. Moreover, underpinning green initiatives, penetration of usage based insurance has led to the safe driving and significant reduction in emissions.

Companies have been rolling out ancillary services such as teen tracking which have attracted certain consumers and made the insurance product invaluable to them. Historically, retaining existing customers have been cheaper than adding the new ones. As such, UBI aims at augmenting profits and retaining customers.

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Quantitative and qualitative assessment exhort intelligence report on the usage based insurance market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the usage based insurance market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on usage based insurance.

An insightful and deep-dive assessment of the competitive assessment of the usage based insurance market pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the usage based insurance market. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.

Primary sources and secondary sources propel intelligence report on usage based insurance market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst. Report on usage based insurance market further acknowledges secondary sources—namely—Factiva, EC filing, press release, trade journals, resourceful database and governmental websites.

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