Insurance Telematics Market 3

Insurance Telematics Market Dynamics, Forecast,
Analysis and Supply Demand 2017-2027
May 2017
Report Id : REP-GB-3219
Status : Ongoing
Category : Electronics, Semiconductors, and ICT
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Market profiling
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Insurance Telematics Market
Insurance Telematics Market Dynamics, Forecast, Analysis and Supply Demand 2017-2027
Recently insurance industry is facing a huge technological shift in order to stay competitive in the market.
Due to innovations in IoT and using them for insurance telematics products in order to connect insurance
products and their offerings are in rise. The growth in investments in the IoT insurance technologies are
enabling to develop innovative insurance telematics offerings.
Insurance telematics devices are primarily used by automobile insurance companies in order to track
driving behavior of the customer and based on their performance in driving there would be change in the
insurance premiums.
Life insurance companies are incorporating health tracking devices in order to integrate change
premiums and insurance plans based on the customer’s health change patterns. This smart life way of
changing insurance offers is an example of how insurance companies are starting to make impact in the
daily lives of their customers.
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Market drivers & challenges:
These technology enabled products will become necessary across all segments of the insurance industry,
as increase in the digital savvy customers. Growth in innovations like IoT and machine learning also
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Insurance Telematics Market
increase the adoption of insurance telematics market.
Insurance telematics market is also driven by the growth in construction industry where insurance
companies offer reduced premiums based on the building systems and also react and monitor utilities in
order to understand water leakage, fire occupancy trends etc. Insurance companies can use this data
findings and can do predictive maintenance by detecting potential problems prior to their occurrence,
thereby reducing claims from the customers.
One of the major challenge faced insurance telematics market is lack of knowledge of these advanced
technologies by the insurance companies and the huge task of designing the IoT applications based on
company’s Policies and government regulations.
Global Insurance Telematics Market: Segmentation
Global Insurance telematics market is segmented based on the type of Deployment, by the size of the
organisation, by region.
On the basis of the type of deployment Global Insurance telematics market is segmented to Cloud, Onpremise.
On the basis of the size of organisation the Global Insurance telematics market is segmented to Small and
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Insurance Telematics Market
Medium Enterprises (SMEs), Large Enterprises.
On basis of region global Insurance Telematics Market is segmented into North America, Latin America,
Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and The Middle East and
Africa (MEA).
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Market Overview:
Majority of the Insurance Telematics market is dominated by Europe as there are large number of
insurance companies adopting to these change. Followed by North America and Asia pacific which also
share a significant market due of growth of online retail.
Key Market Players:
Some of the key players in Global Insurance Telematics Market include, CoverBox Ltd., Hughes
Telematics, Inc., Insure The Box, Liberty Mutual Insurance Company, MyDrive Solutions, Novatel
Wireless, Numerex Corporation, , State Farm, TomTom, TRACKER Network, Travelers Indemnity
Company, Trimble Insurance Agency, Inc., ViaSat, Inc., Zurich Financial Services Ltd.
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Insurance Telematics Market
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