The insurance telematics market is experiencing rapid growth, driven by the increasing demand for personalised insurance products and the growing adoption of telematics technology to promote safer driving practices. 

According to a new report by SNS Insider, the global insurance telematics market is projected to reach a value of $18.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 18.4% from 2024 to 2032.

The integration of telematics technology into insurance policies enables insurers to gather real-time data on driver behaviour, vehicle conditions, and usage patterns. This data-driven approach allows for more personalised and accurate pricing, fostering a competitive insurance landscape.  

Telematics solutions also contribute to risk mitigation and loss prevention. By monitoring driving habits and identifying potential risks, insurers can implement targeted interventions to promote safer driving practices and reduce accidents.

Regulatory bodies are increasingly supporting the use of telematics to enhance road safety and reduce traffic fatalities. The growing popularity of pay-as-you-drive and pay-how-you-drive models further drives the demand for telematics-based insurance solutions.

Overall, the insurance telematics market is poised for significant growth as insurers continue to adopt innovative technologies to improve their offerings and meet the evolving needs of their customers.

Solera

CEO – Darko Dejanovic

Solera is more than a telematics provider; it pioneers AI and data analytics to drive efficiency and sustainability in the automotive industry. Its products and services empower businesses to optimize operations, cut costs, and build safer, more sustainable fleet operations.

Key offerings include: 

• AI-Enhanced Accident Repair and Claims Processing: Solera provides tools to streamline the entire claims lifecycle—from intelligent accident reporting to AI-driven repair estimation and payment processing. 
• Advanced Vehicle Data Analytics: Solera captures and analyzes vehicle data on usage, driver behavior and health, providing actionable insights for fleet managers, drivers and insurance companies. 
• Driver Safety Programs: Solera’s AI-powered safety programs improve driver behavior, reduce accidents, and lower insurance costs while contributing to reduced carbon emissions. 
• Insurance Fraud Detection: Solera identifies potential fraud through AI-analyzed telematics data, detecting anomalies to maintain business integrity. 
• Sustainability Solutions: Solera’s Sustainable Estimatics tools optimise repair processes to reduce waste, limit emissions, and lower energy consumption in collision repairs. By leveraging data-driven insights, it helps businesses align with environmental regulation and reduce their carbon footprint. 

Wrisk

CEO – Nimeshh Patel

Wrisk is a UK-based insurtech company founded in 2016, focused on simplifying the insurance process by offering digital, customer-centric insurance solutions. The company provides customisable and flexible insurance products through a mobile app, allowing users to adjust their coverage in real-time. Wrisk initially launched with motor and contents insurance and has since expanded into partnerships with leading brands, including major automotive manufacturers.

Travelers

CEO – Hans Vestberg

Travelers Insurance Company is a leading provider of insurance solutions in the United States, offering a wide range of products and services, including auto, home, life, and business insurance. With a long history of serving customers and a commitment to innovation, Travelers has established itself as a trusted and reliable insurance provider. The company is known for its strong financial position, exceptional customer service, and comprehensive insurance coverage options. 

Cover Whale

CEO – Dan Abrahamsen

Cover Whale is a fast-growing insurtech company specialising in commercial auto insurance for small to mid-size fleets, particularly targeting the trucking industry. Founded in 2020, the company leverages advanced data analytics and machine learning to provide tailored insurance solutions, including a variety of telematics-based insurance products designed to provide personalised coverage and competitive rates.

Clearcover

CEO – Kyle Nakatsuji

Clearcover is a digital auto insurance company founded in 2016 with the goal of providing affordable and efficient coverage through technology. By leveraging AI and machine learning, Clearcover offers streamlined, easy-to-access insurance products via a mobile-first platform. 

Cambridge Mobile Telematics (CMT) 

CEO – Bill Powers

Cambridge Mobile Telematics (CMT) is the world’s largest telematics service provider, specialising in mobile and AI-driven technologies to improve road safety and insurance outcomes. Founded in 2010 and headquartered in Cambridge, Massachusetts, CMT delivers data-driven insights through its DriveWell platform, which tracks driving behaviours such as speeding, braking, and phone distraction. With over 40 million drivers globally using its technology, CMT offers solutions that enhance crash detection, claims processing, and driver safety. Its innovative tools are used by insurance companies, fleets, and governments to reduce risk and improve outcomes for road users.

Dolphin Technologies

CEO – Harald Trautsch

Dolphin Technologies is an Austrian-based telematics company specialising in data-driven solutions to improve road safety and driving behaviour. Through its advanced telematics technology, Dolphin collects and analyses vehicle and driver data to offer real-time insights into driving habits, enabling better risk assessment and accident prevention. The company partners with insurers, automotive manufacturers, and fleet operators to reduce road accidents and enhance overall mobility. Dolphin’s platform focuses on creating safer driving experiences through behaviour-based insurance models and innovative tech solutions, aiming to increase safety for both individual drivers and entire fleets.

Progressive

CEO – Tricia Griffiths

Progressive Insurance, established in 1937, is one of the largest providers of auto insurance in the United States. Based in Mayfield Village, Ohio, the company offers a wide range of insurance products, including home, renters, motorcycle, and commercial vehicle coverage. Progressive is known for its innovative approach to insurance, particularly its use of technology and data to streamline the quoting process. The company was one of the first to offer online quotes and the “Name Your Price” tool, allowing customers to find coverage that fits their budget. Progressive is committed to customer service and has earned a reputation for its competitive pricing and user-friendly experience.

Verizon

CEO – Hans Vestberg

Verizon is a leading telecommunications company based in the United States, providing a wide range of wireless and wired communication services. Established in 2000, Verizon has grown to become one of the largest mobile network operators in the country, offering high-speed internet, voice, and data services to millions of customers. 

The company is known for its advanced 5G network technology and commitment to innovation, including investments in the Internet of Things (IoT) and digital media. Verizon serves both consumer and business markets, focusing on delivering reliable connectivity and enhancing customer experiences through cutting-edge solutions.

GEICO

CEO – Todd Combs

GEICO, or Government Employees Insurance Company, is one of the largest auto insurance providers in the United States, renowned for its direct-to-consumer model. Founded in 1936, Geico initially served government employees and military personnel but has since expanded its offerings to include various types of insurance, such as homeowners and renters insurance. A leading provider of auto insurance in the United States, they offer a telematics-based program called DriveEasy that rewards safe driving habits with potential discounts on auto insurance.

Nationwide

CEO – Kirt Walker

Nationwide was founded in the US in 1926. Initially established as a mutual insurance company for farmers, it has since expanded to offer a wide range of insurance products, including auto, home, and life insurance, as well as financial services such as retirement plans and investment options. Nationwide is recognized for its customer-centric approach and commitment to community engagement. Its famous slogan, “Nationwide is on your side,” reflects its dedication to providing reliable coverage and support to its policyholders, making it one of the most trusted names in the insurance industry.

IMS

CEO – Paul Stacy

IMS Insurance, established in 1982, is a leading provider of insurance services focused on the transportation and logistics sectors. Based in North Carolina, IMS specialises in commercial insurance solutions, offering coverage tailored to meet the unique needs of trucking companies, freight brokers, and logistics providers. The company focuses on risk management and provides a suite of services, including claims handling and loss control, to enhance the safety and efficiency of its clients’ operations. 

Driverly

CEO – Armin Kia

Driverly is an innovative telematics and insurance technology company that focuses on improving driver safety and reducing risks on the road. Founded in 2020, Driverly leverages advanced data analytics and real-time monitoring to provide personalized insights and feedback to drivers, helping them enhance their driving habits. By collaborating with insurers, Driverly offers tailored insurance solutions that reward safe driving behaviors with lower premiums. The company aims to create a safer driving environment while making insurance more accessible and affordable. 

OCTO Telematics

CEO – Fabio Sbianchi

OCTO Insurance is a leading provider of telematics-based insurance solutions that focus on enhancing driver safety and optimising risk management. Founded in 2002, the company specialises in collecting and analysing driving data to offer personalised insurance products and services. OCTO’s innovative platform uses advanced analytics to assess driving behaviours, enabling insurers to tailor premiums based on individual risk profiles. By promoting safer driving practices, OCTO aims to reduce accident rates and lower costs for both insurers and policyholders. 

Join Telematics Leaders in Hong Kong at Insurtech Insights Asia, 2024

Solera’s Arnaud AGOSTINI, Managing Director, International, will be taking to the stage at Insurtech Insights Asia 2024 in Hong Kong, on December 4th and 5th, to discuss “Impact from Digital: “Rewiring” to Achieve Real Dividend from Digital and Analytics” . Other leaders from Solera will also be hosting sessions and panels – with details to be confirmed. Find out more here