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
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