Top Companies in Usage Based Insurance Market | Top Major Players Comprehensive Research Report by Vantage Market Research | Market Size & Share Analysis, Growth Rate, Past Data

Usage-Based Insurance (UBI), also known as telematics insurance, is a type of customized auto insurance policy in which the premium is calculated based on the vehicle's usage or the consumer's driving activity during the forecast period.

Top Companies in Usage Based Insurance Market | Top Major Players Comprehensive Research Report by Vantage Market Research | Market Size & Share Analysis, Growth Rate, Past Data
usage based insurance market

Market Overview:

The Global Usage-Based Insurance (UBI) Market is valued at USD 18.9 Billion in the year 2021 and is projected to reach a value of USD 78.9 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 26.9% over the forecast period. The Usage-Based Insurance (UBI) Market is expected to grow in the years to come. Increasing demand for remote diagnostic technology across the automotive industry is expected to drive industry growth. As vehicle complexity increases, the use of vehicle remote diagnostic systems with data-driven technology in the automotive sector is becoming increasingly important. Remote diagnostic technology provides a security mechanism that allows remote operators to monitor and control the vehicle. Various features such as accurate and timely data collection methods and flexible premiums have made usage-based insurance more and more popular among end-users, and the growth of the global usage-based insurance market is growing.

Factors such as the high likelihood that the vehicle will be recovered in the event of theft and reduced fuel consumption also have a positive impact on market growth. However, Telematics and various data security issues are expected to impede the market growth. On the contrary, the introduction of advanced technologies such as smartphone-based UBI and hybrid-based UBI and growing concerns about driver safety around the world are expected to provide a valuable opportunity to expand the market over the forecast period.

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Some of the key players operating in the Usage-Based Insurance (UBI) Market are listed below:

Company Name

Revenue in the US

  • Allstate Insurance Company

$50 Billion

  • Allianz

$136 Billion

  • Liberty Mutual Insurance

$43 Billion

  • Desjardins Group

$14 Billion

  • AXA

$138 Billion

  • Sierra Wireless 

$443 Million

  • MAPFRE

$22 Billion

  • TrueMotion Inc.

$19 Million

  • Ensure the Box Ltd

$52 Million

  • The Progressive Corporation

$47 Billion

 

  1. Allstate Insurance Company

Headquartered at Northbrook, IL. Allstate Corporation is one of the largest public insurance companies in the United States. The company also operates personal insurance in Canada. Allstate Corporation is the 70th largest US Company with total Fortune 500 sales in 2020, owning and operating 18 companies in the United States, Canada, and India. Allstate Solutions Private Limited (ASPL), also known as Allstate India, is a subsidiary of Allstate Corporation. Founded in 2012, Allstate India acts as the company's strategic business services division and operates under the premise of the company's Good Hands.

  1. Allianz

Headquartered in Munich, Germany, Allianz Group is one of the world's leading insurance and asset management companies, with more than 100 million individual and corporate clients in more than 70 countries. They are proud to be a global insurance partner for the 2021-2028 Olympic and Paralympic movements and an industry leader in the Dow Jones Sustainability Index. Employee care, ambitions, dreams, and challenges make them unique employers.

  1. Liberty Mutual Insurance

Headquartered in Boston, MA, Liberty General Insurance has been committed to achieving the highest standards of customer service, technology implementation, and industry contributions. At Liberty General Insurance, they always put their customers first. Employees take great pride in contributing to the success of the company, and individual contributions create the desired differentiation for the brand. Liberty General Insurance is dedicated to improving the lives of individuals and businesses through uniquely designed insurance solutions, to create a safer environment for everyone. These efforts pave the way for many successful innovations, aiming for efficiency by all necessary means.

  1. Desjardins Group

Desjardins General Insurance (DGI) is a P & C insurance subsidiary of Desjardins General Insurance Group, a subsidiary of Desjardins Group. The brand is a sister of Desjardins Financial Security, both reorganized under the banner of Desjardins Insurance. It currently serves customers in three Canadian states: Quebec, Alberta, and Ontario. DGI is one of Canada`s leading non-life insurance companies, with Desjardins General Insurance ranking third in Quebec's customer satisfaction in 2014.

  1. AXA

Headquartered in Paris, France, Protection has always been at the heart of their business and has supported the prosperity of individuals, businesses, and society. AXA is always a leader, an innovator, and an entrepreneurial company that drives progress in every aspect. Their purpose is also tied to the roots of the group. From the beginning, AXA has promised to act as a force for the public good. From solidarity with AXA Hearts In action to tackling preventative issues with the AXA Research Fund and combating climate change, AXA has always been community-friendly and accepts its responsibilities as an insurance company.

  1. Sierra Wireless

Sierra Wireless is a Canadian multinational wireless communications equipment designer, manufacturer, and services provider headquartered in Richmond, British Columbia, Canada. Sierra Wireless is an Internet of Things (IoT) solutions, provider. The company sells mobile computing and machine-to-machine (M2M) communications products that work over cellular networks, 2G, 3G, 4G, and 5G mobile broadband wireless routers and gateways, modules, as well as software, tools, and services. Sierra Wireless products and technologies are used in a variety of markets and industries, including automotive and transportation, energy, field service, healthcare, industrial and infrastructure, mobile computing and consumers, networking, sales and payment, and security. It also maintains a network of experts in mobile broadband and M2M integration to support customers worldwide.

  1. MAPFRE

Headquartered in Madrid, Spain, the company offers coverage in 18 states in the United States. MAPFRE sells policies through independent agents and offers a wide range of options and discounts. The website is available in both English and Spanish. MAPFRE is one of NerdWallet's top car insurance companies. MAPFRE offers all standard types of compensation, including liability and other government-mandated compensation, towing and rental car compensation, collision damage exemption, and comprehensive insurance.

  1. TrueMotion Inc.

Headquartered in Boston, MA; True Motion Inc. provides auto insurers with a mobile telematics platform that enables next-generation digital programs. A patented smartphone data platform with mobile technology, machine learning, and data science can pinpoint when a person is driving and reveal behaviors while driving, such as distracted driving. This unique data supports usage-based insurance, inattentive driving programs, billing, and vehicle management programs.

  1. Ensure the Box Ltd

Headquartered in London, UK, Ensure the Box Limited is the UK's most experienced telematics insurance provider. Drivelike a girl, a sister brand of Ensure the Box, was launched in 2013. The company is also the white label for Tesco BankBox Insurance, one of the UK's most famous brands. They use telematics technology to monitor driving practices, encourage safe driving, and prevent accidents. They are actively involved in the road safety industry with the mission of making roads safer for everyone.

  1. The Progressive Corporation

Headquartered in Ohio, U.S., for over 80 years, Progressive has provided customers with a variety of insurance policies, including automobiles, housing, rentals, commercial vehicles, small businesses, motorcycles, and ships. Progressive is the third-largest car insurance company in the country. They are a diverse group of over 45,000 talented employees from all disciplines, all companies, and all 50 states. Hundreds of career paths, including complaints, customer care, sales, marketing, legal, IT, and data analytics, and a new business incubator, Level 20, can create opportunities.

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