Connected Cars in Insurance – Thematic Research

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.

Scope

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.

Companies mentioned

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

Executive summary

Players

Thematic briefing

Connected cars

Infotainment

Telematics

Vehicle to everything (V2X)

Trends

Technology trends

Macroeconomic trends

Regulatory trends

Industry analysis

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

In-car technology

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

Cyber insurance

Mergers and acquisitions

Strategic partnerships

Timeline

Value chain

Product development

Marketing and distribution

Underwriting and risk profiling

Claims management

Customer service

Companies

Public companies

Private companies

Sector scorecards

Insurance sector scorecard

Who’s who

Thematic screen

Valuation screen

Glossary

Further reading

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