United Kingdom Motor Insurance Consumer Research Report 2021 - Almost One-Third of Consumers Impacted by COVID-19
April 06, 2021 05:38 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
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In 2021, 71% of consumers said they owned car insurance, which is the same percentage as in 2019. This means around 37 million consumers own motor insurance. The penetration of consumers who own motor insurance tends to rise with age, social grade and household income.
A new customer journey begins each year. Each year, over 90% of motor insurance policyholders are existing policyholders and their choice comes down to either renewing with an existing provider (around half renew each year) or switching from one provider to another (around four-in-ten switch each year). Less than 10% of consumers embarking on a new customer journey each year are new market entrants - i.e., buying motor insuran
Worldwide Insurance Telematics Industry to 2026 - Increasing Smartphone Penetration is Driving Growth
April 01, 2021 08:13 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
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The Insurance Telematics market is expected to grow at a CAGR of 18.5% over the forecast period (2021 - 2026). Telematics insurance usually works by setting up in the vehicle a device, termed usually as a Black Box, which records different metrics of the latter, such as speed, distance, and the type of road one travels.
This device also monitors the braking pattern and driving style, which is utilized by insurance companies to compute the premium accordingly. Insurance telematics poses the potential to alter the current scenario of motor insurance and positively impact claims, risk selection, and fraud detection. As of now, the industry is still at a nascent stage of development, and various studies ar