This research service identifies new scenarios influencing the automotive usage-based insurance (UBI) industry in Canada, as well as evolving and new business models in this space. The study identifies and analyzes industry trends and shifts, with a focus on connected new-age vehicles. Over the last few years, the automotive insurance industry has undergone rapid transformation. The traditional one-size-fits-all approach to premium rates and underwriting, based on limited parameters, historical driver data, and demographics, is becoming largely redundant. The emergence of real-time tracking of vehicle and driver behavior with vehicle telematics and smartphone connectivity, combined with algorithms based on a number of factors that capture the true cost of risk, helps reduce insurance premiums now. This results in significant cost savings for both the insurance companies and the insured.
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