Targa Telematics has taken the European Enabling Technology Leadership Award from Frost & Sullivan for 2024.
The award recognises Targa Telematics’ leading role for digital solutions in the European insurance market following significant investment research and development, cemented by its recent acquisitions of Viasat Group and Drive-It.
Telematics adoption in the insurance market continues to soar; Frost & Sullivan predicts the sector will reach $26.8bn (€24.6bn / £20.7bn) by 2028 and have a compound annual growth rate of 30.4% from 2021 to 2028.
Targa Telematics draws from diverse data sources, including a wide array of aftermarket devices, OEM data streams and mobile-as-a-sensor solutions, to enable a comprehensive portfolio of insurance market solutions.
Samantha Fisher, best practices research analyst at Frost & Sullivan, said: “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.”
Targa Telematics offers a digital solution set that allow insurance partners and clients to reduce fraud and facilitate claims management by leveraging risk profiles, automatic and timely accident reconstructions, and improved driving behaviour analysis.
Targa also 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 travelled.
Its new UBI telematics solution is entirely smartphone-based and 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 app then creates predictive and personalised scores that insurers can use to determine the risk level of their insured.
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.”
