Industry Background:
Variable universal life insurance is one of the types of permanent life insurance policy that provides flexible and fixed premium payments. This insurance provides features including flexible premiums, investment variety, cash value, and flexible death benefits. Here in this insurance premiums are mostly flexible and allows the investment in cash value. It gives a higher return as compared to other permanent life insurance policies with the fluctuations in the market.This growth is primarily driven by Demand for Flexible Maximum and Minimum Premium Payment Options and Growing Investment of People on Permanent Life Insurance with Higher Returns.
Globally, a noticeable market trend is evident The popularity of Flexible Premium Variable Universal Life Insurance is High. Major Players, such as Munich Re Group (Germany), Allstate Corporation (United States), Prudential Financial, Inc. (United States), Lincoln National Corporation (United States), American International Group, Inc. (United States), Axa S.A. (France), Manulife Financial Corporation (Canada), Aviva plc (United Kingdom), Zurich Insurance Group Ltd. (Switzerland), MetLife, Inc. (United States) and Allianz SE (Germany) 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:
On 12th November 2020, Prudential Financial, Inc. and Tata Consultancy Services announced that they are entering into an agreement that will see TCS acquire the staff and select assets of Pramerica Systems Ireland Ltd. (Pramerica), PFI’s subsidiary based in Letterkenny, Ireland. The enhanced partnership builds on a long relationship between the two organizations and will see over 1,500 of Pramerica’s staff in Ireland transfer to TCS.
On 8th June 2020, Lincoln Financial Group announced that it will launch the next generation of its Lincoln AssetEdge Variable Universal Life (VUL) insurance offering. As many investors are faced with the dilemma of staying invested in the market during a time of elevated volatility, AssetEdge VUL (2020) features three new indexed accounts that offer policyowners more ways to help grow their retirement savings with a level of protection during market downturns.
Market Drivers
- Demand for Flexible Maximum and Minimum Premium Payment Options
- Growing Investment of People on Permanent Life Insurance with Higher Returns
Market Trend
- The popularity of Flexible Premium Variable Universal Life Insurance is High
Restraints
- Complexity Involved in the Variable Universal Life Insurance
Opportunities
Surging Demand for Variable Universal Life Insurance from Developing Nations
Challenges
Regulatory Compliances Associated with Variable Universal Life Insurance
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, Variable Universal Life Insurance Study Sheds Light on
The Variable Universal Life Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Variable Universal Life Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Variable Universal 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.