With the efficient growth in the urbanization and increase in the innovated infrastructure the entire industry of insurance has grown more increasingly in the preset era along the introduction of innovative and effective strategies and policies for safeguarding the people’s interest. Whereas, the introduction of the usage based insurance contrasts from the outmoded insurance, which undertakings to discriminate and reward ‘safe’ drivers, giving them a lesser amount of premium and/or a no-claims bonus. Furthermore, many of the players of usage based insurance market in North America are playing an important role while making flexible and personalized plans and delivering the services of transparent nature for increasing the demand and providing a simplified and dynamic user experience which further benefitted for increasing the value of market share and leading the fastest market growth throughout the forecasted period more enormously.
According to the report analysis, ‘North America Usage Based Insurance Market- Industry Trends and Forecast to 2026’ states that there are several key players which are presently functioning in this sector more actively for leading the fastest market growth and dominating the high value of market share in the North America more positively in the short span of time while surging up the trends with the evolution of the Internet of Things (IoT), forming the active policies and attaining the most prolific users of the smart technologies and social media includes Intelligent Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, TomTom International, Allianz, AXA Equitable Life Insurance Company, Liberty Mutual Insurance, Verizon, Sierra Wireless, Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., UNIPOLSAI ASSICURAZIONI S.P.A., and several others. Moreover, the players of this market have implemented the partnership and expansion as their key policies and strategies to raise the market share.
North America usage-based insurance market is predictable to reach a CAGR of 19.3% in the forecast period of 2019 to 2026. Moreover, the market of usage based insurance in North America is segmented into device offering, vehicle age, package type, vehicle type, electric and hybrid vehicle, vehicle type and region. Whereas, based on the technology, the market is further split into OBD-II, smartphone, embedded system, black box and several others however, on the basis of electric and hybrid vehicle, the market sectored into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV). Nonetheless, the sector of package type includes pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD).
Additionally, the growing acceptance of the telematics technologies in vehicles, growing concern related to the data privacy, significant advancement in the automotive technology like electric cars, accurate and frequent data collection of the vehicle/driver’s behavior and several others are the some major factors for propelling the market growth. Therefore, in the near future, it is anticipated that the market of usage based insurance will increase more enormously in the North America over the recent few years.
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Ankur Gupta, Head Marketing & Communications