LexisNexis sees usage-based insurance growth for connected cars; signs new deal with Fiat Chrysler

insurance

With most new cars set to feature some form of connectivity, there is a big opportunity in usage-based insurance (UBI), which is likely to grow sharply in coming years. Paul Stacy, automotive development director for LexisNexis Risk Solutions, explains why following a new deal in which Fiat Chrysler vehicles will ...

The global UBI market is projected to grow at an annual rate of almost 30% in coming years, according to Acumen Research and Consulting. The India-based market intelligence company expects the market to reach a value of around $190 billion by 2026.

That’s a big change from today’s niche market and it shows how new connected-car technologies provide a major new business opportunity for insurance companies and telematics service providers.

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