The number of telematic insurance policies in Europe and the US now exceeds 11m. In Europe, there are reportedly 6.3m active policies, a number predicted to grow by 37.2% per year to reach 25.8m by 2020, according to Berg Insight. Growth in the US, which currently has 5.3m policies, is expected to be faster at 45.8% reaching 42.1m over the next five years. The US market differs from Europe, where “black box” telematics devices dominate; most are self-installed, on-board diagnostic devices that provide drivers with information on car faults and insurance companies with data on driving techniques. The US has recently witnessed a shift toward smartphone-based solutions, which experts expect to see broadly adopted alongside systems built into vehicles during production. As the market evolves and becomes more competitive, companies are expected to try to differentiate their offerings. Insurance companies, including Allianz, Progressive, and Allstate, are understood to be working with auto manufacturers, mobile operators, and device manufacturers.
The number of telematic insurance policies in Europe and the US now exceeds 11m. In Europe, there are reportedly 5.3m active policies, a number predicted to grow by 37.2% per year to reach 25.8m by 2020, according to Berg Insight. Growth in the US, which currently has 6.3m policies, is expected to be faster at 45.8% reaching 42.1m over the next five years. The US market differs from Europe, where “black box” telematics devices dominate; most are self-installed, on-board diagnostic devices that provide drivers with information on car faults and insurance companies with data on driving techniques. The US has recently witnessed a shift toward smartphone-based solutions, which experts expect to see broadly adopted alongside systems built into vehicles during production. As the market evolves and becomes more competitive, companies are expected to try to differentiate their offerings. Insurance companies, including Allianz, Progressive, and Allstate, are understood to be working with auto manufacturers, mobile operators, and device manufacturers.