According to a new market intelligence report titled “Telematics Insurance Market – Analysis and Forecast, 2020-2025”, the telematics insurance market is expected to reach $5,477.3 million by 2025. With the growing technologies pertaining to telematics and the Internet of Things (IoT), insurance companies have embraced the use of telematics in their insurance programs to give rise to customized insurance programs suitable for customers looking to lower down their premiums.
“Through the evolution of telematics technologies around the world, telematics insurance has witnessed significant growth and development. It has also, therefore, found its way into a variety of vehicles, including commercial vehicles, which is used by fleet management companies to manage their large fleets and track the driver’s driving behavior. Pay as you drive and pay how you drive are amongst the most popular types of insurance programs that are being put to use in cars worldwide. However, with the growing popularity, many competitor companies and investors have started to think about real profit rather than aggressive growth. The telematics insurance market still faces major challenges, which is largely due to the privacy issues emanating by the customers.”
Who stands to gain from this report?
• Insurance Companies
• Telematics Providers
What can they find in this report?
• Key trends impacting the telematics insurance industry, along with information on new technologies
• Information on how demand for the telematics insurance market is expected to shape over the next five years (2019 – 2025) across different regions and countries
• Detailed insights and information of key companies operating in this market, including growth strategies, their strengths, and weaknesses, as well as how they compare against each other at a global, regional, and country level
What is the use of this report?
• Driving a successful growth strategy – Helps understand those markets where the demand for telematics insurance is expected to rise
• Driving a successful product strategy – Helps understand products that must be targeted if telematics insurance companies intend to capitalize on advanced camera technologies
• Driving a successful competitive strategy – Helps understand which players are the competition and how they can collaborate with leading players across various regions to expand the company’s footprint
Some key questions answered in this report are:
• For a new company looking to enter the market, which areas could it focus upon to stay ahead in the competition?
• How do the existing market players function to improve their market positioning?
• Which are the promising companies that have obtained financial support to develop their products and markets?
• How does the supply chain function in the telematics insurance market?
• Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2017-2020?
• Which product segment is expected to witness the maximum demand growth in the telematics insurance market during 2020-2025?
• Which are the players that are catering to the demand for different insurance programs?
• How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
• What are the key offerings of the prominent companies in the market for telematics insurances?
• What are the demand patterns of telematics insurances across the application areas in different regions and countries during the period 2020-2025?
This report is a good compilation of research on more than 50 players in the telematics insurance market. It draws upon the insights from in-depth interviews with key opinion leaders of more than 50 leading companies, market experts, and vendors.
The companies profiled in the report are Octo Group S.p.A., Insurance & Mobility Solutions, Agero, Inc., Webfleet Solutions B.V., Verizon Communications, Inc., AXA Group, The Progressive Corporation, Amodo Ltd., Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc., insurethebox Ltd., Insure Telematics Solutions, and CalAmp Corp.