Increasing concern for safety and security and fuel efficiency to boost the growth of India insurance telematics market during the forecast period
According to TechSci Research report, “India Insurance Telematics Market By Vehicle Type, By Type, By Source, By Premium Type, By Device Type, Competition, Forecast & Opportunities, 2030”, India insurance telematics market is expected to grow at a steady rate during the forecast period on account of increasing concern for safety and security, effective transportation and logistics purpose. Telematics interconnects telecommunications with computer technology to provide enterprises with data on remote products like vehicles in real-time. Telematics or black box insurance provides insurance to the vehicles by monitoring the location, movements, status, and behavior of a vehicle or fleet of vehicles. This is achieved through a combination of a GPS receiver and an electronic device installed in each vehicle. This black box, which is fitted into the car, allows the users to find out their performance and will show if there is a need to make any changes to the driving style besides providing tips to improve the driver score, thereby cutting down the cost of insurance. Therefore, this technology will be most helpful for the ones who are paying a relatively high price for their car insurance.
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India insurance telematics market can be segmented based on vehicle type, type, source, premium type, device type, and region. Considering the premium type, the market can be bifurcated into personal insurance premiums and commercial insurance premiums.
Out of these two, the personal insurance premium is the fastest growing sector in India as it is compulsory for all new cars. Based on device type, smartphones and embedded segments are anticipated to witness high growth in the upcoming years.
In telematics systems, smartphone integration benefits the drivers with features like doors that can be locked and unlocked even when the keys are lost and light flashing when the driver is facing trouble finding his car. Considering the type, third party insurance segment is forecast to dominate the market through 2030 as this cover is mandatory in India under the Motor Vehicles Act, 1988. Bajaj Allianz, and ICICI Lombard, among others, are the leading players operating in India insurance telematics market. The key players are focusing more on technological advancements to track the vehicles more efficiently and to boost their share in the market.
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“India insurance telematics market is expected to grow steadily during the forecast period which can be attributed to the advantage it provides through vehicle diagnosis due to the telematics systems. In short, if the driver stays away from the more hazardous roads, there will be a reduction in the price of the policy. Furthermore, if the driver is not driving frequently, a downfall in the cost of the policy is observed. Telematics systems are majorly adopted by automobile insurance companies and fleet management companies to monitor the location and behavior of vehicles. Moreover, government regulations for vehicle telematics coupled with the increasing trend of connectivity solutions are expected to boost the growth of India insurance telematics market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Insurance Telematics Market By Vehicle Type, By Type, By Source, By Premium Type, By Device Type, Competition, Forecast & Opportunities, 2030” has evaluated the future growth potential of India insurance telematics market and provides statistics & information on the market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India insurance telematics market.
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