By the year 2020, one in five insurance company professionals predict usage-based insurance (UBI) will capture more than 50 percent of the personal auto insurance market, according to “Telematics/Usage-Based Insurance: A Catalyst for Change,” a research paper from Strategy Meets Action.
According to the research, the consensus opinion is that UBI will grow rapidly over the next 10 years, however, “there is no unanimity of opinion as to how big a share of the market UBI will ultimately have, what it will look like, and what it will do to the traditional market,” SMA said, adding that UBI is just a part of a much larger trend in vehicle telematics, which will potentially reshape other industries as well.
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