London, UK (PRWEB) November 27, 2014
The insurance telematics market is in its nascence. The world insurance telematics sector in 2013-end was worth USD 4 billion in terms of gross written premium (GWP), crossing the 4.5 million subscriber base. The USA, Italy and the UK were the first to adopt insurance telematics products, with Italy currently being the most mature market with a penetration rate of 4% at the end of 2013.
The potential of telematics technology to provide win-win business relations between a policyholder and insurer is fuelling fast-paced growth of insurance telematics products in the markets of Europe and the USA. The sales of insurance telematics products globally are forecast to grow at just over 80% CAGR through to 2018, with the number of subscribers set to reach 85.5 million by 2018-end. The growth in the sector during the forecast period will likely be propelled by a surge in the adoption of telematics products across the USA, the UK, and Italy.
Insurers will likely offer value-added telematics-based services combined with insurance services to draw customers and differentiate product offerings from those of their rivals. Mandatory utilisation of telematics in vehicles, enforced by different governments, is forecast to boost the penetration of insurance telematics through to 2018. Innovative connected car systems and automated driving are expected to reduce the life-span of insurance telematics.
Topical market research report “Insight Report: Technology in Action – A Roadmap for Insurance Telematics” worked out by Timetric is now available MarketPublishers.com.
Title: Insight Report: Technology in Action – A Roadmap for Insurance Telematics
Published: October, 2014
Price: US$ 3,800.00
The report presents an in-depth analysis of the insurance telematics marketplace globally, focusing on the USA, the UK and Italy. The study provides unbiased, detailed insights into the development and growth of the industry through to 2018, comprehensively examines the various growth drivers and also the challenges insurers are facing, reviews key products offered by top-level insurance telematics providers in major markets. An analysis of the utilisation of telematics beyond the pale of motor insurance is provided, too.
Reasons to Buy:
- Take strategic business decisions using all-round historical and forecast market data pertaining to the roadmap for the insurance telematics sector and each of its sub-sectors.
- Gain an understanding of the demand side dynamics, major trends and growth prospects within the insurance telematics sector to keep you ahead of the pack of your competitors.
- Discover the growth opportunities and market dynamics across major product categories to grow and contribute to the success of your business.
More topical market research reports by the publisher can be found at Timetric page.