Industry Background:
Online Life Insurance is a platform where customer can easily buy out the policy with more informed about the plan and its features, which in turn aid in making an informed choice. Online Life Insurance market is expected to mark significant growth over forecasted period owing to increasing consumers spending on online term plans, ecommerce transaction and technological advancement. There has been significant rise in number of countries investing in insurance platform where U.S. direct investment abroad with figure stood up to 6 Billion in United States alone in 2018, the future for online life insurance looks promising. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the Insurance sector.
This growth is primarily driven by Rise in Urbanization and Digitalization Boost the Online Life Insurance Market and Increase Number of Internet User’s Penetration..
Globally, a noticeable market trend is evident Collaboration and Tie Up Of Leading Players
. The Life & Health Insurance sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Mitsui Life Insurance (Japan), Manulife Financial (Japan), Japan Post Insurance (Japan), MetLif (United States), Bajaj Allianz General Insurance (India), Birla Sunlife Insurance (India), Life Insurance Corporation of India (India), New India Assurance (India), SBI Life Insurance (India), Max Life Insurance (India) and Reliance Life Insurance (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In June 2019, Paytm acquired Coverfox with a deal of USD 120 Millions. This acquisition is beneficial in providing digital platforms to many financial services segment through its subsidiary platform.
In April 2019, Aegon Life and MobiKwik launched a smart digital insurance product which is beneficial in providing lightning fast, fully digital in-app purchase flow on its App for this new smart insurance product. It also offers innovative and need-based insurance solutions to everyone via the online channel.
Regulatory Insights:
“According to Insurance Regulatory and Development Authority of India, it’s provide some basic guidelines where it’s mention about the cost of issuing and maintaining insurance policies and modify or revise your insurance policies with speed and accuracy insurance repositories and electronic issuance of insurance policies.”
Market Drivers
- Rise in Urbanization and Digitalization Boost the Online Life Insurance Market
- Increase Number of Internet User’s Penetration.
Market Trend
- Collaboration and Tie Up Of Leading Players
- Value Oriented Consumers
Restraints
- Cyber Security Risk Associated with Online Platform that Hampers the Market.
- Lack of Awareness Among the Customers.
Opportunities
Proliferation Due to Long Term Value Creation And Productivity Improvements Leads to Grow the Market. and Increase Lifestyles and Health Concerns Fuelled up the Online Life Insurance Market.
Challenges
Limitation Due to Government Regulation are Anticipated to Challenge the Market.
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Online Life Insurance Study Sheds Light on
The Online Life Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Online Life Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Online Life Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.