Usage Based Insurance Market

The usage based insurance market is projected to reach USD 80.7 billion by 2028 from an estimated USD 30.6 billion in 2023, at a CAGR of 21.4% during the forecast period. The usage based insurance market is witnessing rapid growth owing to an increase in the adoption of telematics devices in the automotive industry, smartphone enabled programs, and increased sales of connected cars. Leading manufacturers and service providers gather and analyze the data using telematics devices or connected car features, which has helped insurance providers assess a driver's risk profile. Additionally, all the UBI companies provide additional discounts on insurance to reward responsible drivers.

Major Usage Based Insurance Market Companies include

• UnipolSai Assicurazioni S.p.A (Italy),
• Progressive Casualty Insurance Company (US),
• Allstate Insurance Company (US),
• State Farm Automobile Mutual Insurance Company (US),
• Liberty Mutual Insurance Company (US).

These companies focus on developing new products, adopt expansion strategies and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in this growing usage based insurance market.

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UnipolSai Assicurazioni S.p.A (Italy):

UnipolSai Assicurazioni S.p.A is a leading player in the UBI market. The company provides UnipolSai Km & Servizi auto insurance program and UnipolSai Blackbox for UBI. The company focuses on organic developments. For instance, UnipolSai Assicurazioni S.p.A has introduced BeRebel in June 2023, a new car insurance policy that is based on the pay-per-use model. BeRebel is the first of its kind in Italy and Europe. It is a monthly, kilometer-based, fully digital car policy. As of March 2023, Unipolsai Assicurazioni S.p.A has fitted over 1 million black boxes with third-party integration. This makes it the leading insurer in Italy for the installation of black boxes. The company's investment in digital technologies and online services has made it easier for customers to access their policies, file claims, and manage their accounts conveniently and efficiently. They have also partnered with several car manufacturers, such as Fiat Chrysler Automobiles (UK) and Toyota (Japan), to offer telematics insurance to their customers which has allowed the company to reach a wider audience and offer its products to the drivers.

Progressive Casualty Insurance Company (US):

Progressive Casualty Insurance Company is another leading player in the UBI market in the US.  The company’s introduction of a new algorithm for Snapshot (UBI program) to provide more accurate pricing with discounts has led to greater adoption among new customers under the personal lines segment. The company is actively participating in a partnership program to diversify its product offering. For instance, in December 2022 Progressive Casualty Insurance Company and Motive partnered to offer commercial fleets a solution to improve driver safety and reduce insurance premiums. The partnership combines Motive's AI-powered driver safety solution with Progressive's Smart Haul program, which provides discounts to fleets that use electronic logging devices (ELDs). Also, in December 2020 the company started providing Snapshot ProView, a free UBI and fleet management program, to small business owners. Snapshot ProView is now a part of Smart Hauls, Progressive's commercial truck driver’s sector UBI program that analyses Electronic Logging Device (ELD) data to offer discounts for defensive driving. All other Commercial Auto clients who are not required by federal law to have an ELDI should use Snapshot ProView.

Related Reports:

Usage Based Insurance Market for ICE & Electric Vehicle, by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Embedded Telematics Box, Smartphone), Vehicle (New, Old), Device Offering (BYOD, Company Provided) and Region - Global Forecast to 2028

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]