Automotive Insurance Market - Introduction

Automotive insurance or motor insurance is an insurance policy for vehicles that provides financial protection against collision damage and damage arising due to natural disasters or theft. The insurance policy is a legal contract between the insured and the insurer that binds the insurer to pay liability in case of a claim.

Automotive Insurance Market - Competitive Landscape

In July 2019, GEICO, an auto insurance company, announced the launch of DriveEasy, a telematics insurance product. GEICO launched the pilot program for usage-based insurance, a type of telematics insurance, in wake of rising competition from its competitor Progressive Casualty Insurance Company.

Progressive Casualty Insurance Company

Founded in 1937, Progressive Casualty Insurance Company is headquartered in Mayfield, Ohio, U.S. It is a leading company that offers insurance for personal and commercial autos & trucks, motorcycles, boats, recreational vehicles, and homes. According to the company, it ranks 3rd among auto insurers in the U.S. and is ranked 120th in the Fortune 500 list.

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Founded in 1982, AXA operates through AXA Equitable and AllianceBernstein. The company operates through four business segments: Individual retirement, group retirement, protection solutions, and investment management and research. The company is a leading provider of automotive insurance and personal & commercial insurance.

Automotive Insurance Market Dynamics

Rising number of vehicles on road drives the automotive insurance market

Rise in disposable income and vehicle sales in developing regions such as Asia Pacific and Latin America has fueled the automotive insurance market. Rise in average age of vehicles and presence of high number of on-road vehicles are boosting the demand for automotive insurance.

Increasing consumer demand for own damage/ comprehensive type automotive insurance

The comprehensive insurance policy covers third-party liability as well as the cost for own personal damage. The comprehensive policy is more expensive than a basic third-party policy; however, it offers additional and optional damage cover such as engine cover, theft, and depreciation reimbursement. Rising consumer awareness about insurance and added advantage of the cover in comprehensive policy are shifting preference of consumers toward comprehensive cover

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Automotive Insurance Market - Segmentation

Based on insurance type, the global automotive insurance market can be segmented into

  • Third Party Liability
  • Comprehensive

Based on product type, the global automotive insurance market can be bifurcated into

  • Telematics Insurance
  • Conventional

Based on vehicle type, the global automotive insurance market can be classified into

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

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Automotive Insurance Market

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