Telematics adoption in the insurance market is a sector that Frost & Sullivan sees expanding significantly and expects to exceed $26 billion by 2028.
Targa Telematics—thanks to the acquisition of Viasat Group—has further strengthened its positioning in this sector both in Italy and globally.
Targa Telematics, one of the main global players in IoT and in the development of connected mobility solutions and digital platforms, has been awarded the 2024 European Enabling Technology Leadership Award by Frost & Sullivan.
This award certifies Targa Telematics’ role as a leading company in Europe for digital solutions in the insurance market. Its distinctive positioning is characterised by significant investment research and development and has been further reinforced by its acquisition of Viasat Group.
A rapidly growing sector in the coming years, Frost & Sullivan predicts that the adoption of telematics in the insurance market will reach $26.83 billion by 2028 and have a compound annual growth rate of 30.4% from 2021 to 2028.
Targa Telematics boasts the most comprehensive portfolio of insurance market solutions as it draws from diverse data sources, including a wide array of aftermarket devices, OEM data streams, and mobile-as-a-sensor solutions. By doing so, it provides the most accurate information for various use cases in the simplest and most effective way possible.
Specifically for the insurance market, the company offers a digital solution set that allow insurance partners and clients to reduce fraud and facilitate claims management by leveraging more accurate and reliable risk profiles, automatic and timely accident reconstructions, and improved driving behavior analysis.
Additionally, Targa Telematics offers fast and scalable solutions that insurance companies can use to manage new sustainable mobility service coverage, such as car sharing or peer-to-peer sharing.
The company differentiates its insurance offerings by rewarding responsible drivers with tailor-made solutions and pay-how-you-drive or pay-per-drive pricing models that are based on actual driving behaviours and distances traveled.
In this context, Targa Drive has introduced a new UBI telematics solution entirely based on smartphones. It combines an app capable of collecting a wide set of data related to specific driving situations, such as braking, acceleration, driving distractions, speed, and cornering. The application then creates predictive and personalised scores that are insurers can use to determine the risk level of their insured. It also completes a range of products for the insurance world, including integrative analyses generated by new sources of behavioural data such as driver distraction—one of the most frequent causes of accidents on the roads.
Nicola De Mattia, CEO of Targa Telematics, commented: “This award once again underscores the value that Targa Telematics brings to the insurance market, thanks to a constant inclination towards digital innovation and the ability to deeply understand both industry dynamics and individual customer needs. Its consolidated and internationally recognized positioning is further strengthened by the acquisition of the Viasat Group and Drive-IT.”
“The growing adoption of connected vehicles, combined with advancements in in-car services, data generation, and increasing awareness of safety, has led to increased demand for tailored insurance solutions in Europe. Targa Telematics’ expertise in technology and understanding of specific needs in different countries positions the company as a valuable partner for insurers looking to implement telematics insurance projects with high standards of excellence,” said Parduman Satpal, Senior Research Analyst for Mobility Media at Frost & Sullivan.
“Targa Telematics holds a market share of over 35% for installed insurance telematics devices in Europe; its range of diversified products suitable for various consumer segments positions it as a provider of comprehensive solutions for all insurance needs related to telematics,” noted Samantha Fisher, Best Practices Research Analyst at Frost & Sullivan.