Usage-Based Insurance Market: 2019 Analysis by Key-Players Allianz Insurance, Allstate, AXA, Liberty Mutual Insurance, MAPFRE, Nationwide, Vodafone
The OBD-II technology held a major market share of around 50% in 2017 and is projected to dominate the usage-based insurance market between 2018 and 2024. Earlier OBD devices were used to read fault codes and parameters associated with the malfunctioning of the emission systems. But with the growing trend of IoT, OBD dongles embedded with sensors are being used to detect hard breaks and accelerations, thus determining driving patterns, fuel efficiency, and road conditions. As these dongles are easy...
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