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Usage Based Insurance Market Trends, Analysis & Forecast,2026

Increasing collaborations between solution providers and insurance companies would likely be a key factor pushing market growth. From these partnerships, insurance firms are focusing on using embedded telematics solution to grow their profitability.

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Usage Based Insurance Market Trends, Analysis & Forecast,2026

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  1. Usage Based Insurance Market Will Witness A Rapid Growth to 2026

  2. KeyInsights Usage Based Insurance Market: • Global usage based insurance market is projected to witness heavy gains in the forecast timespan owing to the steady uptake of UBI platforms across the insurance sector. Through these platforms, insurance companies aim to align insurance premiums and accurately track driving patterns with estimated risks. • Increasing collaborations between solution providers and insurance companies would likely be a key factor pushing market growth. From these partnerships, insurance firms are focusing on using embedded telematics solution to grow their profitability. • Citing an instance, in September 2017, Car Security started using CrashBox, a vehicle risk management platform and the telematics technology stack of CalAmp. The primary aim of the company behind move was to streamline the company’s connected car offerings.

  3. Continued… • In addition, insurance companies are also collaborating with software firms to provide smartphone-based telematics insurance programs to customers and set themselves apart from the competition. Citing an instance, in August 2018, NJM Insurance Group collaborated with IMS for a new smartphone-based telematics program. NJM leverages the smartphone telematics of IMS to promote customer safety by offering rewards to safe drivers through a driver scoring system. • Numerous benefits offered by telematics solutions to customers, when installed on smartphones, are some of the major reasons driving the smartphone segment. In fact, the smartphone segment is expected to dominate the market in the coming years.

  4. Latest Research Usage Based Insurance Market @ https://bit.ly/2YycGSC Request for a Sample Copy of This Research Report @ https://bit.ly/35cgZ8I

  5. Market research reports: Key analytical components

  6. Major Companies Usage Based Insurance Market: • Generali • Octo • Progressive • UnipolSai • Desjardins Group • Nationwide

  7. Regional Usage Based Insurance Market: • APAC usage based insurance market is anticipated to observe heavy gains and grow at a CAGR of 26% through 2026. Increasing the usage of telematic technologies by insurance providers in the region would outline the overall market outlook. • Japan and China are at the forefront when it comes to using telematics technologies. In addition, the commercialization of UBI technologies across developing countries like Thailand, Vietnam, and India would further aid the market expansion. • Apart from surging telematic solutions, automotive manufacturers in APAC are partnering with insurance providers for developing insurance products that are consumer-centric. Citing an instance, in 2017, Toyota and MS & AD Insurance Group’s AioiNissay Dowa Insurance together launched the first driving behavior-based telematics automobile insurance of Japan.

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