UBI, which allows insurance providers
to vary premiums depending on the behavior of consumers, is gaining traction
amongst auto insurers. In particular it is used in vehicle insurance based on
the vehicle usage and driving behavior of drivers. The popularity of UBI is
driven by the increased use of smartphones with features such as Global
Positioning System (GPS), accelerometers and g-force tracking, which can be
used to substitute telematics devices with mobile apps. Under UBI, auto
insurers are offering pay as you drive (PAYD) and pay how you drive (PHYD)
services. While PAYD insurance premium is calculated based on the distance
covered by a vehicle, PHYD insurance premium is calculated based on the driving
behavior of insured consumers. UBI is rapidly growing in regions such as
Europe, Asia and America. According to a report by EY, global market
penetration of UBI services is expected to increase from about 1% in 2015 to
15% by 2020.
THE
BUSINESS RESEARCH COMPANY EXPECTS THE INSURANCE
PROVIDERS GLOBAL MARKET TO GROW TO $5.4
TRILLION BY 2021
Asia Pacific was the largest
region in the insurance providers market in 2017, accounting for $1.6 trillion
or more than one-third of the market share.
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The chart below shows the year-on-year growth of the global insurance providers market during 2017– 2021
According to The Business
Research Company’s Consultant, Nitin Gianchandani, peer-to-peer insurance
is gradually gaining prominence both in emerging and developed markets. This
growth is expected to be driven by reduced cost of premium in emerging
countries resulting from improved internet penetration in such regions.
Peer-to-peer insurance is based on pooling insurance premiums of participating
individuals that can be used to compensate future uncertain losses and share
the left-over amount among participants. It aims to reduce premium and overhead
costs when compared to traditional Insurance Providers, decrease inefficiencies
and increase transparency of businesses.
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UnitedHealth Group was the largest player in the insurance providers market in 2017, with
revenues of $144 billion in 2017. UnitedHealth‘s growth strategy aims at
expanding its health care insurance business by acquiring companies in similar
industries. In 2017, the company acquired Banmedica S.A., a Chile based private
health insurance company. In 2016, the company acquired Rocky Mountain Health
Plans, Colorado based Health Insurance Company and Symphonix Health Insurance
Inc., an Illinois based health insurance provider for the senior citizens.
The insurance providers industry
comprises establishments engaged in underwriting (assuming the risk and
assigning premiums) annuities and insurance policies. Insurance Providers
invest premiums to build up a portfolio of financial assets to be used against
future claims. Direct insurance providers are entities that are engaged in
primary underwriting and assuming the risk of annuities and insurance policies.
Reinsurance providers are companies that are engaged in assuming all or part of
the risk associated with an existing insurance policy or set of policies,
originally underwritten by another insurance carrier (direct insurance
carrier). This report excludes the reinsurance providers market.
Insurance
Providers Global Market Report 2018 is a detailed report giving a unique
insight into this market. The report is priced at $4000 for an individual user.
To use across your office, the price is $6000 and $8000 if you wish to use
across a multinational company.
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