Global Insurance Telematics Subscriptions to Exceed 100 million by 2018, but Auto Insurance Faces Dramatic Changes, Says ABI Research


satellite

LONDON--June 6, 2013: Global insurance telematics subscriptions are expected to grow at a CAGR of 81% from 5.5 million at the end of 2013 to 107 million in 2018.

“Usage Based Insurance and Safety Telematics Synergies”

"With Progressive's Snapshot having attracted more than 1 million drivers in the US and Octo Telematics already counting close to 1.3 million UBI customers -- mainly in Italy -- insurance telematics is now entering the mainstream market, at least in certain countries. The emergence of smartphone-based solutions, the gender ruling in the EU, and growing awareness of insurers to move to a more proactive safety, preventive, and service/CRM based approach improving the customer experience and loyalty will be strong drivers for growth in the near-to mid-term," says VP and practice director Dominique Bonte.

However, in the longer term, with the emergence of active safety systems based on ADAS and V2X technology and various forms of semi and fully autonomous driving and the drive towards a zero accident risk environment, the auto insurance industry will face new paradigms which will fundamentally change the nature of their business. The whole concern about accurately monitoring the driver behavior and calculating the risk of the human driver getting involved in an accident disappears when contemplating insurance for cars without a driver.

While traditional auto insurance revenues will ultimately unavoidably decrease, insurers' expertise in automotive analytics and statistics will offer new opportunities in a burgeoning Internet of Things in which big data skills will be one of the most sought-after capabilities--another example of how technology will dramatically transform a traditional industry worth hundreds of billions of dollars.

-->

Home | Buyers Guides By Make | New Car Buyers Guide | Used Car Super Search | Total New Car Costs | New Car and Truck Reviews
Automotive News | TACH-TV | Media Library | Discount Auto Parts

Copyright © 1996-2014 The Auto Channel. Contact Information, Credits, and Terms of Use. These following titles and media identification are Trademarks owned by The Auto Channel, LLC and have been in continuous use since 1987 : The Auto Channel, Auto Channel and TACH all have been in continuous use world wide since 1987, in Print, TV, Radio, Home Video, Newsletters, On-line, and other interactive media; all rights are reserved and infringement will be acted upon with force.

Privacy Statement | Size Does Matter | Media Kit | XML SITE MAP | Affiliates

Send your questions, comments, and suggestions to Editor-in-Chief@theautochannel.com.

Submit Company releases or Product News stories to submit@theautochannel.com.
Place copy in body of email, NO attachments please.

To report errors and other problems with this page, please use this form.

Link to this page: http://www.theautochannel.com/