Spotlight

Usage-Based Insurance

How US Insurers Can Capture the Growing Demand for Data-Driven Products

Report by Eleni Digalaki  | Mar 3, 2022
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Table of Contents
Executive Summary
Competitive Pressures Highlight Need to Turbocharge UBI Offerings  
Insurers Need a Strong UBI Play
How Insurers Can Stand Out in the UBI Arena
Insider Intelligence Interviews
Read Next
Sources
Media Gallery
About This Report
Usage-based insurance (UBI) products appeal to consumers who prefer customized services, and their success is attracting droves of new entrants to the UBI arena.
Topics
Insurance
Automotive
United States
Table of Contents
Executive Summary
Competitive Pressures Highlight Need to Turbocharge UBI Offerings  
Insurers Need a Strong UBI Play
How Insurers Can Stand Out in the UBI Arena
Insider Intelligence Interviews
Read Next
Sources
Media Gallery

Executive Summary

Usage-based insurance (UBI) products appeal to consumers who prefer customized services, and their success is attracting droves of new entrants to the UBI arena.

Key Question: How can insurers attract new business with distinctive usage-based insurance offerings and positioning?

US Usage-Based Insurance Drivers, 2019-2023 (millions and % of insured drivers)
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KEY STAT: We expect the number of UBI drivers in the US to triple between 2019 and 2023, underscoring a significant opportunity for usage-based insurance players.

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    Table of Contents

    1. Executive Summary
    2. Competitive Pressures Highlight Need to Turbocharge UBI Offerings  
    3. Insurers Need a Strong UBI Play
    1. How Insurers Can Stand Out in the UBI Arena
    2. Insider Intelligence Interviews
    3. Read Next
    1. Sources
    2. Media Gallery

    Charts in This Report

    US Usage-Based Insurance Drivers, 2019-2023 (millions and % of insured drivers)US Embedded Systems Connected Car Drivers, 2021-2025 (millions and % of licensed drivers)

    Interviewed for This Report

    David MacInnis
    Allstate
    Vice President, Telematics and Usage-Based Insurance
    Interviewed February 14, 2022
    Beth Riczko
    Nationwide
    President, P&C Personal Lines
    Interviewed February 3, 2022
    Andrew Rose
    General Motors
    President, OnStar Insurance and Vice President, Insurance Innovation
    Interviewed February 4, 2022
    Randy Termeer
    USAA
    Auto and Small Commercial General Manager, Property and Casualty Division
    Interviewed January 31, 2022
    Alex Timm
    Root
    Co-Founder and CEO
    Interviewed February 2, 2022

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    authors

    Eleni Digalaki

    Contributors

    Tyler Brown
    Senior Analyst
    Caitlin Cahalan
    Researcher, Financial Services
    Zach Goldner
    Junior Forecasting Analyst
    Oscar Orozco
    Director, Forecasting
    Michael Tattersall
    Analyst