Usage

Usage-Based Insurance Market : Global top
players are AXA S.A., Insure The Box Ltd.,
Allstate Corporation, Generali group, Alliance
SE, Metromile
Usage-Based Insurance Market – Overview
Usage-based insurance market is a new type of
insurance cover granted by the auto-insurers where
the premium is gauged upon driving habits,
odometer readings, driving routes and other ride
associated parameters tracked through a
telecommunication device.
Insurance companies can effectively underwrite the
risk by tracking consumer driving patterns and thus
is a major driving factor for the usage-based
insurance. Insureds who drive less miles and opt for
routes with low accidental rates have low risk of
accident claims maximize the profit margin for
insurer providers. The usage-based insurance offers
variable premium and offer incentives to consumers
who do not claim. Feasibility of low premium
offering is increasing its preference among the
consumers and is a major driver for the usagebased insurance market. Advancement in vehicle
telematics has enabled the insurers to track the
vehicle driving and derive the premium accurately
thus improving adoption of own damage insurance
and boosting the usage-based insurance market.
Telematics used for usage-based insurance also
determines efficient routes thus help saving fuel
and reducing pollution. Rising confidence among
consumers is also playing a vital role in improving
market penetration of usage-based insurance. The
usage-based insurance adds safety benefits as the
accident response time is minimized due to vehicle
tracking. The “No-Claim” benefits encourages the
consumers to drive safely thus minimizing
accidental risks and benefiting insurers. The usagebased insurance is a win-win product for both
insurer and insured and is thus expected to witness
high demand during the period.
As usage-based insurance tracks the vehicle it is
facing privacy concerns acting as a restraining factor
for the market. The insurers also has to follow strict
data compliance with risk of data hacking raising
the market challenge.
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Usage-Based Insurance Market – Segmentation
The global usage-based insurance market can be
classified according to service type, technology
type, and region. By service type, the usage-based
insurance market is segmented under pay-as-youdrive, pay-how-you-drive, and manage-how-youdrive. The pay-as-you-drive type insurance offers
discount on miles driven by tracking odometer
reading or telecommunication device on board. The
pay-as-you-drive contributes to high market share
due to its cost effectiveness. The manage-how-youdrive is expected to witness higher growth during
the period with advancement in data analytics and
its customer flexible approach.
By technology, the usage-based insurance market is
segmented under smartphone, OBD-II, hybrid, and
black box segment. Dependence on smartphone
apps is expected to rise in future with smartphone
applications being convenient option eliminating
the use of additional dedicated device in the
vehicle.
By region, the usage-based insurance market is
segmented under North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa.
Europe contributed to highest market share of the
usage-based insurance market. High level of
consumer awareness regarding usage based
insurance in the region has led to the high market
demand in the region.
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Usage-Based Insurance Market – Key Players
Key players operating in the region are AXA S.A.,
Insure The Box Ltd., Allstate Corporation, Generali
group, Alliance SE, Metromile, and Aviva plc.

Usage-Based Insurance Market : Global top players are AXA S.A., Insure The Box Ltd., Allstate Corporation, Generali group, Alliance SE, Metromile

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