Insurance Telematics Market Is Expected to Witness a Steady Growth by 2027
Insurance telematics devices are primarily used by automobile insurance companies in order to track driving behavior of the customer and based on their performance in driving there would be change in the insurance premiums.
Life insurance companies are incorporating health tracking devices in order to integrate change premiums and insurance plans based on the customer's health change patterns. This smart life way of changing insurance offers is an example of how insurance companies are starting to make impact in the daily lives of their customers.
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Market drivers & challenges:
These technology enabled products will become necessary across all segments of the insurance industry, as increase in the digital savvy customers. Growth in innovations like IoT and machine learning also increase the adoption of insurance telematics market.
Insurance telematics market is also driven by the growth in construction industry where insurance companies offer reduced premiums based on the building systems and also react and monitor utilities in order to understand water leakage, fire occupancy trends etc. Insurance companies can use this data findings and can do predictive maintenance by detecting potential problems prior to their occurrence, thereby reducing claims from the customers.
One of the major challenge faced insurance telematics market is lack of knowledge of these advanced technologies by the insurance companies and the huge task of designing the IoT applications based on company's Policies and government regulations.
Global Insurance Telematics Market: Segmentation
On the basis of the type of deployment
On the basis of the size of organisation the
On basis of region global Insurance Telematics Market is segmented into
Market Overview:
Majority of the Insurance Telematics market is dominated by
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Key Market Players:
Some of the key players in Global Insurance Telematics Market include,
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