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Strategic Analysis of the European Market for Telematics-enabled Usage-based Insurance
Frost & Sullivan, June 2010, Pages: 87
The objective of this research is to analyse the growth potential of telematics-enabled usage-based insurance (UBI) service in the total European market. The study also illustrates the impact of eCall voluntary agreement on the total telematics-enabled UBI market. The main objectives of this study are to provide: The market overview and trends (market drivers and industry challenges), Product pricing analysis, Business model analysis, Market size and forecast assessment, Analysis of the competitive environment and case study
This Frost & Sullivan research service titled Strategic Analysis of the European Market for Telematics-enabled Usage-based Insurance provides a strategic analysis of the growth potential of telematics-enabled usage-based insurance (UBI) service in the total European market. This research service also illustrates the impact of eCall voluntary agreement on the total telematics-enabled UBI market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following the following markets by region: United Kingdom, Italy, France, Spain, Germany, Belgium, and Austria. The technologies covered in this research service are telematics, navigation, UBI, stolen vehicle tracking (SVT), remote vehicle diagnostics (RVD) and eCall.
Lower Risk for Insurance Companies and Reduced Motor Insurance Premium Rates for the Insured Spur Growth in the European Market for Telematics-enabled UBI
UBI uses a telematics system with global system for mobile communications (GSM)/general packet radio service (GPRS) module and the optional global positioning system (GPS) module for communication to track the mile driven by a passenger car at a particular period of a day to evaluate the motor insurance premium or discount on motor insurance premium, based on certain parameters. In 2009, there were a few new launches of telematics-enabled UBI in Europe in France, the United Kingdom, Italy and Belgium. The benefit of lowered risk for the insurance companies and the reduction of motor insurance premium rates for the insured are driving the market for telematics-enabled UBI in Europe.
“The European market for telematics enabled UBI will experience significant growth after the original equipment manufacturers (OEMs) have their factory fitted telematics hardware unit in the vehicle,” says the analyst of this research. “This paves the way for vehicle manufacturers to create a superior brand image for themselves while consumers continue to benefit from their digital experience inside the car.” Introduced as a measure to reduce insurance fraud, the telematics-enabled UBI service has attracted the interest of insurance companies across Europe. This is because it is advantageous for them to decrease various other risks associated with driving behaviour. It also facilitates the insurance companies to associate the driving pattern and the mileage driven with the motor insurance premium, leading to a reduction in the premium rates, if driven properly.
However, a major challenge is to understand the various regional requirements for developing a strong UBI model in each European country. Additionally, significant investment is required to develop infrastructure for the successful implementation of telematics insurance. “The challenge of building a strong business model in each European country and the investment required to develop the infrastructure will be resolved in next two years with more UBI launches in Europe,” explains the analyst. With some vehicle manufacturers having launched factory-fitted telematic hardware in their vehicles, the case of offering UBI on the same hardware is likely to materialise in the near future. “Automakers launching the factory fitted telematics hardware unit will ease the case of UBI by reducing the costs, thereby attracting more customers,” concludes the analyst.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By Region:
- The United Kingdom
- Italy
- France
- Spain
- Germany
- Belgium
- Austria
Technologies
The following technologies are covered in this research:
- Telematics
- Navigation
- UBI
- SVT
- RVD
- eCall
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