With most new cars set to feature some form of connectivity, there is a big opportunity in usage-based insurance (UBI), which is likely to grow sharply in coming years. Paul Stacy, automotive development director for LexisNexis Risk Solutions, explains why following a new deal in which Fiat Chrysler vehicles will connect to the LexisNexis telematics platform in Europe.
The global UBI market is projected to grow at an annual rate of almost 30% in coming years, according to Acumen Research and Consulting. The India-based market intelligence company expects the market to reach a value of around $190 billion by 2026.
That’s a big change from today’s niche market and it shows how new connected-car technologies provide a major new business opportunity for insurance companies and telematics service providers.
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