The global automotive usage-based insurance (UBI) market is estimated to be USD 40.3 billion in 2020 and is predicted to reach USD 95.7 billion by 2027, growing at a CAGR of 18.8 % during the forecast period. The growth of this market is attributed towards acceptance of shifting trends observed amongst insurance providers towards remote diagnostics. The amalgamation of usage-based structure along with remote diagnostics solutions are thus facilitating business organizations to distinguish offers thereby providing them competitive advantage and further enhancing the customer base of the enterprises.

In order to align insurance premium rates in order to decrease fraudulent insurance claims there are various factors that facilitate insurance service providers to align premium rates of the insurance efficiently. These factors include acceleration & braking patterns, total miles driven, on-road vehicle location (GPS or Global Positioning System), airbag usage and the time of day thereby significantly contributing towards the growth of global automotive usage-based insurance (UBI) market.

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Extensive adoption of connected cars and telematics along with decreasing insurance premium along with risk related costs is another factor pertaining towards the growth of global automotive usage-based insurance (UBI) market. These systems utilizes advance machine-to-machine techniques that helps in collecting data from in-car vehicles that enables insurance providers to further adjust and set premiums based upon individual’s driving behavior rather than having any history to claim.

Geographically, North America is the largest revenue contributor in automotive usage-based insurance market due to high popularity of mobility as a service along with extensive collaborations between insurance and telematics companies. Furthermore, these companies are enhancing their solution offers and are providing improved schemes and packages to the insurance providers.

UnipolSai Assicurazioni S.p.A, Danlaw, Assicurazioni Generali S.P.A, Allianz SE, Mapfre, S.A, Desjardins Group, Octo Technology Nationwide, Cambridge Mobile Telematics, Liberty Mutual Insurance, Progressive Casualty Insurance Company, Allstate Insurance Company, Intelligent Mechatronic Systems Inc., Vodafone Automotive S.p.A, State Farm Mutual Automobile Insurance Company, Metromile Inc., AXA, TomTom International BV, Sierra Wireless, Zubie, Inc., and Insure The Box Limited.