In the post-pandemic era, the soaring trend of connected cars, users' adoption of in-vehicle connected services, and rising awareness of vehicle usage are encouraging the growth of automotive usage-based insurance (UBI) in Europe-5 countries (the United Kingdom, Germany, Italy, France, and Spain). Insurance companies' telematics adoption is revolutionizing the automotive insurance industry with relevant and innovative insurance policies for customers.
Unlike the west, the European insurance industry is driven by regional companies and significant partnerships between insurers and telematics providers, which will accelerate automotive UBI growth during the forecast period (2022-2028). A key trend observed in the European industry is the rising number of InsurTechs in the insurance domain; these companies are transforming business models and looking at new ways of data gathering and sharing with improved means of connectivity and data communication across OEMs, TSPs, and insurance providers.
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