Skip to main content

The Internet of Everything will have a Broad Impact

As the Internet of Things (IoT) evolves into the Internet of Everything (IoE) there will be a trickle-down effect that impacts a variety of related industries and market sectors.

According to the latest market study by ABI Research, global insurance telematics subscriptions are expected to grow at a CAGR of 81 percent from 5.5 million at the end of 2013 to 107 million in 2018.

"With Progressive’s Snapshot having attracted more than 1 million drivers in the U.S. and Octo Telematics already counting close to 1.3 million UBI customers -- mainly in Italy -- insurance telematics is now entering the mainstream market, at least in certain countries," said Dominique Bonte, VP and practice director at ABI Research.

The emergence of smartphone-based solutions, the gender ruling in the EU, and growing awareness of insurers to move to a more proactive safety, preventive, and service/CRM based approach improving the customer experience and loyalty will be strong drivers for growth in the near-to mid-term.

However, in the longer term, with the emergence of active safety systems based on ADAS and V2X technology and various forms of semi and fully autonomous driving and the drive towards a zero accident risk environment, the auto insurance industry will face new paradigms which will fundamentally change the nature of their business.

The whole concern about accurately monitoring the driver behavior and calculating the risk of the human driver getting involved in an accident disappears when contemplating insurance for cars without a driver.

While traditional auto insurance revenues will ultimately unavoidably decrease, insurers’ expertise in automotive analytics and statistics will offer new opportunities in a burgeoning Internet of Things in which big data skills will be one of the most sought-after capabilities.

It's yet another example of how rapidly evolving technology will dramatically transform a traditional industry worth hundreds of billions of dollars.

ABI's market study highlights trends, drivers, and inhibitors of insurance telematics solutions as well as the changing nature of UBI with accident prevention and CRM becoming more important. Forecasts are provided for insurance telematics installed base, shipments, and discounts per region and implementation type.

Popular posts from this blog

Mobility-as-a-Service Creates Disruptive Travel Options

Building on significant advances in big data, analytics, and the Internet of Things (IoT), more innovative transit service offerings aim to increase public transport ridership and reduce emissions or congestion within metropolitan areas. By providing these services through smartphone apps, the transit services also significantly increase user convenience, providing information on different human mobility offerings -- including public transport, ridesharing, and autonomous vehicles. Mobility-as-a-Service Market Development According to the latest market study by Juniper Research, Mobility-as-a-Service (MaaS) subscribers will generate $53 billion in revenue for MaaS platform providers by 2027 -- that's rising from $5.3 billion in 2021. Let's start with a basic definition. MaaS is the provision of multi-modal end-to-end travel services through single platforms, by which users can determine an optimal route and price. The study identified a monthly subscription model as key to incr

Robocall Mitigation Solutions to Halt Criminal Threats

If you answer the phone and hear a recorded message instead of a live person, it's likely a robocall. A robocall is a phone call that uses a computerized autodialer to deliver a pre-recorded message. In 2020, the U.S. Federal Trade Commission (FTC) received 2.8 million consumer complaints about robocalls. Offering solutions to robocalling and associated fraudulent business practices, computerized mitigation platforms are an integral part of the solution. Platforms that are focused on actionable systems to disrupt unsolicited and potentially criminal phone calls help telecom service providers and industry regulators. Issues of whether one-size-fits-all developments are sufficient to be effective across the spectrum need to be addressed, and whether a single telecom network operator working unilaterally with a third-party platform could compromise desired or mandatory industry-wide standards. Robocall Mitigation Market Development According to the latest worldwide market study by Jun

Upside for New 5G Network Transport Infrastructure

The global mobile communication sector is in the midst of a significant network infrastructure upgrade to support the introduction of new high-bandwidth and low-latency broadband service offerings.  Telecom service provider data centers have an important role in fifth-generation (5G) network deployments. Providers undergoing their transition to Stand-Alone (SA) 5G must understand the technical demands of telco data centers and the key enablers of those offerings. According to the latest worldwide market study by ABI Research, the major prerequisites of 5G and the emerging transport solutions would help operators position themselves to successfully capitalize on the new revenue opportunities from delivering differentiated 5G connectivity services. 5G Transport Network Market Development "The rise of the telco data center has a high degree of confluence with the requirements of SA 5G architectures. SA 5G and its increasing reliance on telco data centers can be attributed to the incr