Canada Automotive Usage-Based Insurance (UBI) Market Report 2022 Featuring Allstate, Belairdirect, Desjardins, Liberty Mutual, State Farm, TD Insurance, Travelers Insurance DUBLIN , Aug. 4, 2022 |PRNewswire| -- The "Canadian Automotive UBI Growth Opportunities" report has been added to ResearchAndMarkets.com''s offering. This research service identifies new scenarios influencing the automotive usage-based insurance (UBI) industry in Canada , as well as evolving and new business models in this space. The study identifies and analyzes industry trends and shifts, with a focus on connected new-age vehicles. Over the last few years, the automotive insurance industry has undergone rapid transformation. The traditional one-size-fits-all approach to premium rates and underwriting, based on limited parameters, historical driver data, and demographics, is becoming largely redundant. The emergence of real-time tracking of vehicle and driver behavior with vehicle telematics and smartphone connectivity, combined with algorithms based on a number of factors that capture the true cost of risk, helps reduce insurance premiums now. This results in significant cost savings for both the insurance companies and the insured.