Quarterly UBI Dashboard
A barometer of the Usage-based Insurance industry
As part of our on-going research and surveillance work on the UBI market, PTOLEMUS is now able to provide a quarterly update of the state of the telematics insurance market.
The geographical focus of the dashboard is flexible upon request, today we cover:
- North America, the US and Canada
- the UK, Italy, France, Germany, Spain, Benelux, the Nordics, Russia and the rest of Europe
- Asia Pacific
The dashboard is presented in PDF slides with a Dashboard of Dashboards, then a set of slides per country or region with the key market indicators and a recap of the essential news items in the last 3 months.
The UBI dashboard:
- Leverages both public information and primary research
- A large set of public information collected from conferences, desk research, etc.
- Supplemented and validated by primary research & data (Interviews, supplier questionnaires, own market forecasts, etc.)
- Estimates UBI volumes and sales for all main players
- Insurance companies
- Telematics Service Providers
- Telematics technology providers
- Deciphers key market trends
- UBI penetration
- New UBI programmes and total volume
- Mix by business model (PAYD, PHYD, TBYB, etc.)
- Market share of all main insurers, TSPs and device makers
- Technology mix (Black boxes, OBD dongles, apps, etc.)
- Business line mix
- Segment mix (Young drivers, mature drivers, etc.)
- Channel mix (aftermarket / OEM)
UBI dashboard update January 18
PTOLEMUS latest UBI market update concludes that the usage-based insurance market has grown by 26% in 2017 thanks to no less than 280 insurance brands lead by UnipolSai, Progressive and Allstate.
Motor insurance policies priced based on observed risks have continued to multiply in 2017, with the global market growing at an average 6% per quarter, reaching a total of 17.4 million policies.
Growth has been led by the 3 pioneering US carriers Progressive, Allstate and State Farm. Combined, they represent an impressive 35% of the global UBI market. Italy remains second with UnipolSai and Generali still ahead in the only country where UBI penetration is above 15%.
With over 30 new programmes, Europe is still where most of the activity has been seen over the last year.
Connected insurance has also reached many new insurance carriers, in countries as diverse as Guatemala, Luxembourg, Malawi, Malaysia, Mexico, Philippines, Poland and Tunisia.
Dedicated hardware devices still account for the large majority of UBI delivery models; out of more than 50 new programmes launched worldwide in 2017, only 37% are using the smartphone as a sensor.
Yet, PTOLEMUS believes the momentum around mobile UBI will continue and that adoption rates will accelerate, although dedicated devices, such as black boxes and OBD dongles, will remain dominant in the medium term. This is reinforced by the growing range of hardware types used for data capture, ranging from cigarette lighter adaptors devices to connected dashcams.
The progression of smartphone as a sensor has however promoted one service provider (TSP) above all else Cambridge Mobile Telematics, who in 2016 was not even ranked in the UBI dashboard, has now taken the second place by volume behind Octo Telematics, which remains the clear leader in this market with 40% global market share.
Finally, alongside the evolution of mobile insurance capabilities, PTOLEMUS has been following the (invisible but rapidly progressing) emergence of insurance services based on vehicle manufacturers’ data. The first 2 schemes based on the so-called extended vehicle concept were launched in 2017.