Connected Cars in Insurance – Thematic Research
- Pages: 53
- Published: May 2021
- Report Code: GDIN-TR-S034
This report provides an in-depth analysis of the connected cars in insurance theme. It provides a thorough overview of the space, covering market size and claims, contextual and economic factors, regulations, and opportunities. The report also explores how the development of connected cars will impact the insurance value chain.
As connected cars have automatic data-generating capabilities, vehicle manufacturers will play an increased role in the distribution of motor insurance. Insurers will strike partnerships with manufacturers in order to ensure they have access to consumers’ driving data.
While there are insurers and insurtechs that are pushing efforts to create more personalized products in private motor, insurtechs are the ones that have adapted telematics to create usage-based insurance services to price premiums. Meanwhile, insurers have utilized telematics to mitigate aspects of risks related to claims and reward customers for “good” driving behavior.
Insurers that do not gain experience in connected vehicle data risk falling behind their rivals. Connected vehicles produce a massive amount of data, and insurers must build their capabilities and capacity to manage it.
Reasons to buy
Benchmark yourself against the rest of the market.
Ensure you remain competitive as new innovations and insurance models begin to enter the market.
Be prepared for how regulation will impact the use of connected cars in insurance over the next few years.
Admiral, Aviva, State Farm, Geico, Allianz, Mile Auto, Ergo, Mercedes Benz, BMW, GM, Volve, Porsche, Churchill, Direct Line, AXA, Zurich, Progressive, Allstate, Nationwide, Esurance, Travelers, insurethebox, By Miles, Coverbox, ThingCo, Marmalade, Brightbox, Metromile, Root Insurance, Hasting Direct, RAC, Markerstudy, Ingenie, Tesla, Volkswagen, Ford, Daimler, Audi, Toyota, Mazda, Hyundai, Continental, DHL, Telstra, Cohda Wireless, Qualcomm, Keysight, Harman, Alibaba, Huawei, Broadcom, Cypress Semiconductor, Waymo, Uber, Baidu, Aptiv, Nvidia, Intel, Apple, Amazon, Tencent, Zipcar, Drivy, Lyft, Ola, Grab, Didi Chuxing, Boeing, RSA, Zego, Cuvva, Carrot
Table of Contents
Vehicle to everything (V2X)
Market size and growth forecasts
Connected cars will become the norm
Autonomous vehicles are paving the way for the expansion of connected cars
Telematics capabilities are the key component in connected cars
The impact of connected cars on the UK insurance market
Telematics and UBI
Factors limiting uptake of telematics policies
Connected cars will lead to an increase in motor premiums
The UK market foreshadows GWP complications
Competition within the motor insurance market will increase
Uptake of connected vehicle technology highlights the different levels of autonomous vehicles
Mergers and acquisitions
Marketing and distribution
Underwriting and risk profiling
Insurance sector scorecard
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