DUBLIN, Sept. 14, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/v9r8mg/global_and) has announced the addition of the "Global and Chinese Automotive UBI (Usage-based Insurance) Industry Report, 2014-2017" report to their offering.
Usage-based insurance (UBI) is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. It more closely aligns driving behaviors with premium rates for auto insurance. The UBI program mainly includes On-Board Diagnostics (OBD) to monitor the driving habits, pay as you drive (PAYD), and pay how you drive (PHYD).
At present, UBI has been popularized in Europe and the United States, where the insurers like Allianz, Insure The Box, Progressive, Allstate, and Desjardins Insurance have developed UBI business and made some profits. Meanwhile, the telematics providers in different countries including Baseline Telematics, Masternaut, MyDrive Solutions Limited, Octo Telematics, and TomTom Telematics have continuously optimized OBD devices to assist insurers with accurate UBI pricing.
UBI has not only allowed users to save premiums, but also helped insurers win the interests. At present, China's automotive insurance market has high premiums and auto insurance enterprises have higher combined ratio, so the marketization of the motor vehicle insurance rate is vividly portrayed, and thus UBI came into being. As of August 2015, China's UBI business models were as follows:
In the future, in-vehicle OBD and supported APP will continue to optimize driving behavior monitoring, traffic monitoring, positioning, anti-theft, and risk early-warning, and make UBI pricing parameter selection and algorithm model more accurate. UBI is bound to provide more reasonable auto insurance to customers, and bring benefits to insurers.
Key Topics Covered:
1 Overview of UBI
2 Global Telematics Insurance Market
3 Status Quo and Trends of Automobile Insurance and UBI in China
4 UBI Cases and Companies in Europe
5 UBI Cases and Companies in North America
6 UBI Companies in China
7 Foreign UBI Product and Technology Providers
8 Chinese UBI Product and Technology Providers
Companies Mentioned
- Allstate - Angbang-insurance - Baseline Telematics - Beijing Carsmart Technology Co., Ltd. - China Life Property & Casualty Insurance Co., Ltd. - Desjardins - Esurance - Hartford - JiangSu CPS Digital DNA Science Technology Development Co., Ltd. - Launch Tech Co., Ltd. - Masternaut - Modus - MyDrive Solutions - NICIGO - Nanjing Renrenbao Network Technology Co., Ltd. - Octo Telematics - PICC P&C - Ping An Property & Casualty Insurance Company of China, Ltd. - Progressive - Risk Network - Shenzhen Autonet Co., Ltd. - State Farm - Tencent Lobo - TomTom Telematics - Vodafone Automotive
For more information visit http://www.researchandmarkets.com/research/v9r8mg/global_and
Media Contact:
Laura Wood, +353-1-481-1716, press@researchandmarkets.net
