According to a new report published by
Summary of the Usage-based Insurance Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/usage-based-insurance-market
Pay-as-you-drive (PAYD) product type segment accounted for the largest market share in 2015 owing to its cost efficiency. Manage-how-you-drive (MHYD) is anticipated to grow at the fastest rate from 2016 to 2022, as it provides higher level of freedom and flexibility to the customers.
In terms of market by technology, the Black-box technology segment accounted for the maximum market share in 2015, as it is highly secure and reliable. Moreover, the popularity of black-box has increased in the global market owing to its accurate and timely data collection capabilities. Smartphone technology is anticipated to witness fastest growth in the global usage-based insurance market, primarily driven by its convenience features.
"Consistent improvements in telematics based data collection and analysis techniques have led to the growth of Usage-based insurance market. Insurance companies are diversifying into the business segment in order to capitalize upon the upcoming business opportunity," states Sheetanshu Upadhayay, Research Analyst, Consumer Goods at AMR.
Country wise analysis has been provided for all the regions covered in the report. Countries analyzed under the
KEY FINDINGS OF THE USAGE-BASED INSURANCE MARKET STUDY:
Europegenerated the maximum revenue in the year 2015 followed by North America.
- Manage-how-you-drive (MHYD) segment is expected to grow at the fastest rate from 2016 to 2022.
- In the year 2015, pay-as-you-drive (PAYD) generated the highest revenue in the global usage based insurance market, followed by pay-how-you-drive (PHYD).
- By technology, smartphone and hybrid-based insurance programs are expected to witness higher growth.
Partnership is one of the most widely adopted key growth strategies by existing market players. For instance, companies such as Progressive Corporation,
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/banking-financial-services-&-insurance-market-report
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