The Global Insurance Telematics Market research report aims to provide an unbiased and a comprehensive outlook of the Global market to the readers. Analysts have studied the key trends defining the trajectory of the market. The research report also includes an assessment of the achievements made by the players in the Insurance Telematics Market so far.
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Agero Inc., Aplicom Oy, Masternaut Ltd., MiX Telematics Ltd., Octo Telematics SpA, Sierra Wireless Inc., Telogis Inc., TomTom Telematics BV, Trimble Inc., Verizon Enterprise Solutions Inc., Meta System SpA, Intelligent Mechatronic Systems and other for more company coverage please register for sample inquiry.
In the taxonomy of the Internet of Things, telematics is a technology comprised in the topic family of machine-to-machine (M2M) communication mechanisms. Telematics denotes a bidirectional exchange between endpoints for sensing or computing feedback or control and is an accepted terminology for all technologies related to communication for a motor vehicle, from Google�s self-driving vehicles to aftermarket location-reporting devices.
Telematics insurance usually works by setting up in the vehicle a device, termed usually as a Black Box, which records different metrics of the latter, such as speed, distance, and the type of road one travels. This device also monitors the braking pattern and driving style, which is utilized by insurance companies to compute the premium accordingly. Insurance telematics poses the potential to alter the current scenario of motor insurance and positively impact claims, risk selection, and fraud detection. As of now, the industry is still at a nascent stage of development, and various studies are being conducted by researchers to explore the broadening of its usage across the world.
– The key drivers supporting the initiative for insurance telematics are decreasing the cost of development and technology, altering consumer behavior, and stringent government regulations. The demand for telematics varies across the world, owing to which the industry players are performing pilot projects to understand customer behavior.
– For instance, in the United States, consumers prefer usage-based insurance (UBI) snapshot program, whereas, in the United Kingdom, there are only 2-3% of motor insurance telematics policies. The introduction of insurance telematics has several advantages to the insurer, as well as consumers, which are expected to fuel market growth.
– For consumers, it will promote safe driving, resulting in the mitigation of accident severity and frequency. For the insurers, the claim-handling cost will be reduced by 55%, which is likely to drive market growth over the forecast period.
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May 2019 – Trimble announced that it has integrated its TMW.Suite transportation management solution with SaferWatch software, an online solution from Truckstop.com that provides carrier information and compliance monitoring. Now, TMW.Suite customers have the capability to more effectively manage sourcing and onboarding of carriers with automated carrier selection rules, on-demand certificates of insurance, CSA-e percentile scores and other key data points to ensure users work with qualified carriers. TMW.Suite is one of Trimble’s transportation management system (TMS) solutions, which enable transportation and logistics providers to better manage nearly every aspect of their business.
Insurance Telematics Cloud Deployment Enables Better Data and Device Management
– The rising incorporation of the internet of things (IoT) into passenger and commercial vehicles is propelling the utilization of cloud services in insurance telematics. Cloud enables the tapping of various data related to the device on the go. For instance, a parent can monitor their childrens driving behavior. Furthermore, cloud services can be connected through third-party applications, enabling enhanced customer experience, which is propelling the market growth over the forecast period.
– Additionally, it empowers live sharing of data with the concerned person, which is likely to boost the segments growth. Incorporating cloud through insurance telematics also offers insights and risks associated with the drivers driving style, which helps in keeping track of the cars running activity.
– In addition, it reduces the extra cost related to data storage, which compared to on-premise, which is expected to fuel the adoption of cloud-based service, thereby propelling the segments growth over the forecast period.
Influence of the Insurance Telematics market report:
- Comprehensive assessment of all opportunities and risk in the Insurance Telematics market.
- Insurance Telematics market recent innovations and major events.
- Detailed study of business strategies for growth of the Insurance Telematics market-leading players.
- Conclusive study about the growth plot of Insurance Telematics market for forthcoming years.
- In-depth understanding of Insurance Telematics market-particular drivers, constraints and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Insurance Telematics market.
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