Market Share of Insurance Telematics Industry
The insurance telematics market consists of several major players. In terms of market share, only some of the market players currently have significant dominance in the market. The major players with a prominent market share are expanding their customer base across foreign countries to stay on top. These companies leverage strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on insurance telematics market technologies to strengthen their product capabilities.
In November 2022, OPES, a digital-only insurance firm, joined with IMS to offer app-based telematics insurance solutions called O-Car in Vietnam. OCar leverages the IMS One App SDK and IMS Wedge, a patented technology, to identify the insured's vehicle. With this app-based solution, OPES aims to target the country's 3 million car drivers.
In October 2022, Driven Telematics, a company that helps families with their auto insurance rates, partnered with Cambridge Mobile Telematics (CMT) to help teen drivers improve driving safety and save on auto insurance. The new free Driven app gives families insights into their driving behaviors and gives them a driving score so they can shop for insurers to keep rates low.
Insurance Telematics Market Leaders
DriveQuant
IMERTIK Global Inc.
Octo Telematics SpA
Towergate Insurance
Unipolsai Assicurazioni SpA
*Disclaimer: Major Players sorted in no particular order
