PTOLEMUS: Driven by the Success of Mobile Insurance, the Number of UBI Customers Has Soared Past 20 Million
July 26 2018 - 3:31PM
Business Wire
PTOLEMUS has issued its annual Usage-Based Insurance (UBI)
overview, disclosing the market’s key indicators in an infographic
that can be downloaded here. The statistics are based on
PTOLEMUS’ quarterly UBI market dashboard as of March
2018.
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UBI growth indicators 2018 from PTOLEMUS
UBI Dashboard Credit: @PTOLEMUS Consulting Group
Initially a niche product in the auto insurance market, UBI
has become mainstream. In over 10 years of evolution, it has
grown to cover all customer segments using countless value
propositions and 6 different device categories.
Today, UBI has entered a new phase as it integrates with and
powers insurers’ mobile strategy. Four million smartphones
are now used in UBI and Try Before You Buy (TBYB) programmes,
making this platform the most effective accelerator in UBI
history.
The impact of smartphone apps is most visible in China, where
changes in regulation have opened up the UBI market virtually
overnight, creating an estimated 1.8 million smartphone
insurance policies.
The growth is not only seen in China. There are now almost 100
more active UBI programmes compared to 2 years ago. The biggest
growth markets are also changing: Germany and France
are now leading while more mature markets such as Italy and the US
are lagging behind.
However, despite this growth, the market remains in its infancy.
Only 5% of Americans use UBI today.
Altogether, the PHYD (Pay How You Drive) model still represents
the majority of policies, but PAYD (Pay As You Drive) is
still a very potent value proposition that is gathering investments
and now represents 27% of the market. Also, 30% of the 98 mobile
UBI programmes active today are TBYB, where the driver can monitor
its driving without being insured through the app.
More details concerning the evolution of the UBI market can be
found within PTOLEMUS’ quarterly UBI dashboard. The forthcoming
Mobile Insurance Global Study, to be published in September, will
also cover the latest UBI trends. For more information, contact
Thomas Hallauer at thomas@ptolemus.com
PTOLEMUS is the first strategy consulting & research
firm entirely focused on connected mobility and automation. It
assists all connected insurance stakeholders in defining and
executing their strategies. It has completed 120 assignments
related to telematics, including 60 in the domain of UBI and
insurance analytics.
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PTOLEMUSThomas HallauerMarketing
Directorthallauer@ptolemus.com