A new, 400 page report on the state of the telematics insurance industry was recently released by an international strategy consulting firm, with industry experts predicting that the new report will soon become known as the definitive reference document for the entire telematics motor car insurance sector.
PTOLEMUS Consulting Group released the report, which covers the entirety of the worldwide insurance landscape and how telematics-based cover is taking the market by storm. The report also includes information on the economic impact that wide-scale telematics adoption will cause, and what car insurance companies can do in response to the emergent technology that has proven to be an increasingly popular choice for those looking to reduce their car insurance rates.
Many experts say that the telematics market has reached its tipping point, as there are more than 2 million customers currently utilising the technology around the globe. The new report predicts this figure to rise to as high as 100 million worldwide customers by 2020, which will then be generating more than £40 billion in premium revenue for insurance providers who have transitioned to the new technology.
Motorists across the globe will invariably benefit from this new type of cover. Drivers that are able to demonstrate their responsibility behind the wheel will no longer have to subsidise fraudulent activity or dangerous driving in others, as their premiums will be reflected by their actual behaviour whilst on the road.
The research study, which took two years to conduct and consists of more than 80 key industry players across 18 different countries, interviewed insurers such as Zurich, Vodafone, Trimble, TomTom, Telit, Standard & Poor’s, SAP, Qualcomm, Michelin, Magneti Marelli, Octo Telematics, ING, Hughes Telemaics, Groupama, the Co-operative Insurance, Axa, Aviva, and Allianz.