Market Share of Insurance Telematics Industry
The insurance telematics market is highly fragmented due to the presence of global players and small and medium-sized enterprises. Some of the major players in the market are GEICO (Berkshire Hathaway Inc.), UnipolTech SpA (UNIPOL GRUPPO SpA), Octo Telematics SpA, DriveQuant, and Imertik Global Inc. Players in the market are adopting strategies such as partnerships and acquisitions to enhance product offerings and gain sustainable competitive advantage.
• In February 2024, Kia announced that it entered into a strategic partnership with the company to make Kia connected vehicle (CIV) data available to auto insurers in the United States through the company’s Telematics Exchange (“LexisNexis”).
• In December 2023, the Green Insurer partnered with Cambridge Mobile Telematics to launch car insurance that rewards responsible driving. The Green Insurer calculates a driver’s carbon footprint by analyzing driving data and fusing it with information about the vehicle. Cambridge Mobile Telematics (CMT) powers the service with driving data captured from smartphone sensors, transforming into driving and sustainability insights with artificial intelligence.
Insurance Telematics Market Leaders
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GEICO (Berkshire Hathaway Inc.)
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UnipolTech SpA (UNIPOL GRUPPO SpA)
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Octo Telematics SpA
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DriveQuant
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Imertik Global Inc
*Disclaimer: Major Players sorted in no particular order
