60 Million Drivers Now Insured Through Telematics, PTOLEMUS Finds - UBI Market Set to Reach €200 Billion by 2035>

(BUSINESS WIRE)--The Usage-Based Insurance (UBI) market has now reached over 60 million customers across 450 active programmes – a sixfold increase in just ten years. PTOLEMUS Consulting Group, which predicted the “uberisation” of insurance in 2015, highlights this transformation in its new report. UBI is now a truly global phenomenon that reaches 59 countries and generates more than €50 billion in premiums, finds the consulting firm in its new report. This growth reflects the growing smartphonisation of the business. Insurers increasingly embed UBI into their corporate apps, making it a central part of the customer experience. At the same time, UBI has evolved beyond simple Pay-As-You-Drive (PAYD) or Pay-How-You-Drive (PHYD) models. It is now a proven tool for reducing the frequency and severity of claims, delivering measurable savings to both insurers and policyholders. Frederic Bruneteau, Managing Director, said: “Whenever insurers propose attractive UBI programmes, customers prefer these to traditional flat-rate, proxy-based offers. As the cost of telematics has become negligible and the benefits more tangible, we expect more and more in...(BUSINESS WIRE)--The Usage-Based Insurance (UBI) market has now reached over 60 million customers across 450 active programmes – a sixfold increase in just ten years. PTOLEMUS Consulting Group, which predicted the “uberisation” of insurance in 2015, highlights this transformation in its new report. UBI is now a truly global phenomenon that reaches 59 countries and generates more than €50 billion in premiums, finds the consulting firm in its new report. This growth reflects the growing smartphonisation of the business. Insurers increasingly embed UBI into their corporate apps, making it a central part of the customer experience. At the same time, UBI has evolved beyond simple Pay-As-You-Drive (PAYD) or Pay-How-You-Drive (PHYD) models. It is now a proven tool for reducing the frequency and severity of claims, delivering measurable savings to both insurers and policyholders. Frederic Bruneteau, Managing Director, said: “Whenever insurers propose attractive UBI programmes, customers prefer these to traditional flat-rate, proxy-based offers. As the cost of telematics has become negligible and the benefits more tangible, we expect more and more in...{}