Recently insurance industry is facing a huge technological shift in order to stay competitive in the market. Due to innovations in IoT and using them for insurance telematics products in order to connect insurance products and their offerings are in rise. The growth in investments in the IoT insurance technologies are enabling to develop innovative insurance telematics offerings.
Insurance telematics devices are primarily used by automobile insurance companies in order to track driving behavior of the customer and based on their performance in driving there would be change in the insurance premiums.
Life insurance companies are incorporating health tracking devices in order to integrate change premiums and insurance plans based on the customer’s health change patterns. This smart life way of changing insurance offers is an example of how insurance companies are starting to make impact in the daily lives of their customers.
These technology enabled products will become necessary across all segments of the insurance industry, as increase in the digital savvy customers. Growth in innovations like IoT and machine learning also increase the adoption of insurance telematics market.
Insurance telematics market is also driven by the growth in construction industry where insurance companies offer reduced premiums based on the building systems and also react and monitor utilities in order to understand water leakage, fire occupancy trends etc. Insurance companies can use this data findings and can do predictive maintenance by detecting potential problems prior to their occurrence, thereby reducing claims from the customers.
One of the major challenge faced insurance telematics market is lack of knowledge of these advanced technologies by the insurance companies and the huge task of designing the IoT applications based on company’s Policies and government regulations.
Majority of the Insurance Telematics market is dominated by Europe as there are large number of insurance companies adopting to these change. Followed by North America and Asia pacific which also share a significant market due of growth of online retail.
Some of the key players in Global Insurance Telematics Market include, CoverBox Ltd., Hughes Telematics, Inc., Insure The Box, Liberty Mutual Insurance Company, MyDrive Solutions, Novatel Wireless, Numerex Corporation, , State Farm, TomTom, TRACKER Network, Travelers Indemnity Company, Trimble Insurance Agency, Inc., ViaSat, Inc., Zurich Financial Services Ltd.
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Insurance telematics market is segmented based on the type of Deployment, by the size of the organisation, by region.
On the basis of the type of deployment Global Insurance telematics market is segmented to
On the basis of the size of organisation the Global Insurance telematics market is segmented to
On basis of region global Insurance Telematics Market is segmented into
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