Effective Landscape of the Usage Based Insurance in North America Market Outlook: Ken Research
by Ashish Kumar Market ResearcherWith
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.
To
know more, click on the link below:-
North America Usage
Based Insurance Market
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Created on May 22nd 2019 00:49. Viewed 361 times.