| June 30, 2014 The automobile insurance industry is undergoing a silent revolution. Where risks were once assessed on the basis of age, the model of the car and other statistical data, insurers are adopting a new approach: assessing risk on the basis of real-time, dynamic data. Thus, user-based insurance (UBI) is slowly becoming the most popular service in the North American market with the automobile aftermarket a significant opportunity as recent work by research firm Frost & Sullivan (News - Alert) highlights.
UBI helps insurers as they benefit from the ability to detect and retain the lowest-risk drivers. In turn, drivers benefit from significant discounts on their premiums which can serve to encourage better driver behavior.
With vehicle owners keen to adopt good driving practices, the do-it-yourself on-board diagnostics (OBD)-II telematics applications market is expected to receive a significant boost. "Growth will primarily be driven by service revenue, as the installed base of plug-and-play OBD-II devices grows rapidly," said Anuj Monga, senior research analyst at Frost & Sullivan Automotive & Transportation.
According to analysts, services such as personal asset tracking and vehicle diagnosis will gain traction and further propel the aftermarket. Frost & Sullivan is project that by 2020 the North American Automotive Aftermarket is estimated to reach $1.6 billion...Read More
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