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Telematics Insurance Market Estimated to Reach Value $5,477.3 Million by 2025

 Telematics insurance is an insurance program based on current driving behavior as opposed to historic achievement and is sometimes called black box insurance. Telematics Insurance is designed to match engine drivers with customized performance premiums. Some insurers are implementing black-box practices in order to establish an insurance policy for car owners for pay as you drive (PAYD) or pay how you drive (PHYD). In most cases, insurers quote drivers a fixed premium based on the number of miles permitted per year in a standard insurance policy. The auto driver only pays for what they use in terms of miles traveled under a PAYD or PHYD policy. PAYD or PHYD are also referred to as usage-based insurance (UBI) because the insurer only charges the user for the number of miles driven as documented by the black box device or application.  The rising demand for autonomous vehicles and the increasing false insurance claims by drivers in the automobile industry have played a pivotal role in the adoption of telematics insurance globally. Along with this, the increase in the adoption of smartphones has given way for managing insurance premiums and tracking driver’s behavior quite easily, thus providing an impetus of growth to the telematics insurance market.

The telematics insurance market is expected to grow at a CAGR of 15.49% during the forecast period from 2020-2025.The market projected to reach a value of  $5,477.3 Million by 2025.

The telematics insurance market research provides a detailed perspective on the different types of products, their applications, and value estimation, among others. The principal purpose of this market analysis is to examine the telematics insurance market in terms of factors driving the market, restraints, trends, and opportunities, among others.

The report further considers the market dynamics, supply chain analysis, and the detailed product contribution of the key players operating in the market. The telematics insurance market report is a compilation of different segments, including market breakdown by type, application, region, and country.

The telematics insurance market, based on type, is segmented into pay as you drive and pay how you drive segments. The pay as you drive segment is expected to maintain its dominance during the forecast period in the telematics insurance market.

The telematics insurance market, based on distribution channel, has been segmented into OEM and aftermarket. The aftermarket segment is expected to maintain its dominance during the forecast period in the telematics insurance market.

The telematics insurance market, based on device type, has been segmented into smartphone, onboard device, blackbox, and OEM embedded. The smartphone segment is expected to maintain its dominance during the forecast period in the telematics insurance market.

The telematics insurance market, by application, has been segmented into passenger and commercial segments. The passenger segment dominated the telematics insurance market in 2019 in terms of value and is expected to maintain its dominance through the forecast period.

Based on region, the telematics insurance market has been segmented into Asia-Pacific and Japan, Europe, the U.K., China, North America, and Rest-of-the-World. Each region is segmented into countries. Data for each of these regions and countries is provided by product type and application.

The telematics insurance market’s competitive landscape consists of different strategies undertaken by key players across the industry to gain traction and market share presence. Some strategies adopted by the service providers are new product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, partnerships and collaborations are the popular choices of the strategy implemented in the telematics insurance market. Some of the most prominent ecosystem players are Octo Group S.p.A., Insurance & Mobility Solutions, Agero, Inc., Webfleet Solutions B.V., Verizon Communications, Inc., AXA Group, The Progressive Corporation, Amodo Ltd., Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc., insurethebox Ltd., Insure Telematics Solutions, and CalAmp Corp.

Some of the notable developments in the telematics insurance market are:

•    Octo acquired Nebula Systems, a developer of advanced cloud technologies for the automotive and insurance industries, in December 2019.
•    In December 2020, Amodo Ltd. partnered with Galileo Platforms, an insuretech company,  to develop new insurance solutions.
•    In November 2020, Generali Group partnered with Cattolica Group, an insurance provider, to provide its telematics capabilities to the company.
•    In October 2020, True Motion Inc. partnered with LB Forsikring, an auto insurer based in Denmark, to launch the country's first smartphone-only program.

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