Asia Pacific Connected Auto Insurance Study
Will connected cars dominate the auto insurance industry in the Asia Pacific region?
With the now dominant share of connected cars being sold in developed countries, OEMs are responding to the demand for km-based policies.
Aided by the COVID-19 pandemic but also OEMs’ own initiatives, connected car insurance is increasingly substituting traditional car insurance. Since 2017, the growth of connected car insurance programmes has been outpacing insurance based on aftermarket devices.
PTOLEMUS’ research identified that at least 13 global OEMs have launched telematics insurance programmes in the last two years, all of which use the car’s built-in connectivity without the need for additional aftermarket hardware.
PTOLEMUS has found that aftermarket devices will continue to hold a significant global marketshare for the next 5 years, but PTOLEMUS expects the share of black boxes, cigarette-lighter adaptor, dash cameras and OBD dongles globally to decline by 2030.
That is not to say that the future will be OEM data only. Indeed, PTOLEMUS also found that the growth in smartphone-based programmes will continue for Pay How You Drive programmes.
This can be attributed to the ease of app distribution and relative low cost.
Critically however, the biggest strength of smartphone insurance comes from its ability to connect with the consumer in a way that no other aftermarket device can offer.
The report covers the top 2 countries and a major region that are the most active in the connected auto insurance
PTOLEMUS Consulting Group’s Asia Pacific Connected Auto Insurance Global Study is the Asia Pacific regional cut of our market-leading 4th edition of our market-leading series of global studies investigating the usage-based insurance industry.
We expect that the increasing ease and lowering costs of data collection will allow UBI-based policies to grow to 70 million across the Asia Pacific region.
As a result, the APAC UBI premiums are expected to surpass €27 billion by 2030, 30 times higher than this year!
The Asia Pacific Connected Auto Insurance Global Study includes:
- A comprehensive 419-page analysis of the connected auto insurance industry by technology, distribution model and country
- A comprehensive review of the latest trends and developments for Asia Pacific UBI
- Case studies of how OEMs and Insurtechs are gaining a foothold in the industry
- Profiles and rankings of the top insurance companies and TSPs
- Profiles of the top 3 countries leading the Asia Pacific connected insurance industry
- A strategy analysis and assessment of the 4 key routes OEMs are using to enter the connected insurance market
- Regional-level forecasts from 2020-2030, including:
- Active policies, by device type
- Total premiums, by device type
- TSP revenue forecasts