Telematics is amalgamation of the words telecommunications’ and informatics’. It is the use of wireless devices and black box technologies to transmit data in real time back to the organization. It has gained popularity among urban population across developed and emerging economies. The concept of insurance telematics is fairly new but has gained strong traction in highly competitive insurance sector. Products which are based on telecommunications are widely used in telematics through combination of computers and telecommunications services. These are mainly used in data transmission in automobiles in real time.
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Insurance telematics is a device that can be integrated with consumer vehicles and provide them critical information. It is primarily used by automobile insurance companies in order to track driving behaviour of the customer and based on it change the insurance premiums. Some of the inherent features of telematics include IoT- Internet of Things, data analytics, cloud computing etc. incorporating health tracking device and various other insurance plans help the insurance companies to make impact in the daily lives of their customers.
Some of the key factors driving the global insurance telematics market are growing curiosity and enthusiasm among customers to have connectivity with vehicles, rapid developments in mobile industry that enables information at finger tips and increased market penetration of smart phones, etc. as there is increase in digital savvy customer, these technology enabled products will aid the growth of market. Growth of IoT and machine learning also helps in developing insurance telematics market. Growth in construction industry also helps in growth of market as insurance also offers premium based on the building systems. However, it also gives birth to some challenges like lack of knowledge of these advanced technologies and huge burden of designing the IoT applications and machine learning based on company’s policy and government regulations.
The global insurance telematics market is segregated based on type of size of organisations, deployment, telematics, applications, end users and region. On the basis of size of organisation the global insurance telematics market is segmented to small and medium enterprises, large enterprises. On the basis of deployment the market is divided into Cloud deployment and On-premise deployment.
Based on telematics, the market is segmented into automotive original equipment manufacturers (OEM), and aftermarket. Based on applications, the market is segmented into services and solutions. On the basis of end users the market is segmented as i.e. transportation and logistics, media and entertainment, healthcare, insurance, government agencies, etc.
Geographic all, the market is segmented into, North America, Europe, Asia Pacific and LAMEA. Asia Pacific is expected to be the market leader as there is increasing number of automobiles sold in the region. Increasing population and rising disposal income are key factors in increasing sales. LAMEA is also growing in this market due to the evolution of government regulations for safety and security of drivers and vehicles.
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Major companies in this market are Verizon, Harman, TomTom, AT&T, Vodafone Group Plc. Ford Motors, BMW, Hughes Telematics Inc., Liberty Mutual Insurance Company, Zurich Financial Services, Telefonica, CoverBox Ltd., etc.
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