Digital Innovation in Life Insurance Market Scope
Digital Innovation in Life Insurance is a contract between the person who wants to have a policy and the insurance company. In this contract company pay destined amount of money after the death of that person in exchange for a premium. After global pandemic hit, sudden digitalization happed in many other industries for fast development so life insurance, traditionally slow moving industry start work in innovative way and it help life insurance to technically develop in sections such as poor customer experience and better engagement. Owing to increase in Customers who wants to Purchase and Find Insurance Products on Online Platform and in advanced digitalized form for batter experience, Digital Innovation in Life Insurance market is expected to grow at a significant rate during the forecast period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | AXA (France), Zurich (Switzerland), China Life Insurance Company (China), Berkshire Hathaway Inc. (United States), Prudential Financial Inc. (India), United Health group (United States), Munich Re group (Germany), ASSICURAZIONI GENERALI S.P.A. (Italy), Japan Post Holding Co. (Japan) and Allianz (Germany) |
CAGR | % |
Digital Innovation in Life Insurance market is a fragmented market due to the presence of various players. The players are focusing on increasing their manufacturing capacity and are offering competitive prices to gain high market share and establish their position in the market. Further, companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge
AXA (France), Zurich (Switzerland), China Life Insurance Company (China), Berkshire Hathaway Inc. (United States), Prudential Financial Inc. (India), United Health group (United States), Munich Re group (Germany), ASSICURAZIONI GENERALI S.P.A. (Italy), Japan Post Holding Co. (Japan) and Allianz (Germany) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of global Digital Innovation in Life Insurance market by Type , by Application (Insurance Industry) and Region with country level break-up.
On the basis of geography, the market of Digital Innovation in Life Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In December 2021, Zurich Insurance Group acquired Estonia- based company AlphaChat, which provide conversational artificial intelligence technology for customer service automation. AlphaChat is advanced start-up specialized in conversational AL and machine learning. This acquisition strengthens the group’s digital innovation in life insurance capabilities.
In June 2022, AXA launched the new digital commercial platform, which will bundle multiple services including sustainability and risk management to serve its commercial clients. it will integrate the firms claims expertise with real time and analytics, risk prevention and underwriting in insurance, financing, training and consulting. With this launch AXA expand its presence digital innovation in life insurance market.
Influencing Trend:
Adoption of Big Data and Analytics
Market Growth Drivers:
Increasing Customer Expectations, Growing Demand for Better Digitalized End-To-End Claim Processes and Rise in Demand for Life Insurance in Frictionless Underwriting Process
Challenges:
Increased Risk of Data Breaches and Cyber-Attacks and Lack of Skilled Workforce
Restraints:
Increasing Risk of Cyber-Attacks with Digitalization and High Cost of Implementation of Digital Technologies
Opportunities:
Increasing Demand for Tailored Digital Life Insurance Products and Enterprise IT Developing for Batter Solution Such as Low-Code/ No-Code Development
Key Target Audience
Digital Innovation Life Insurance Service Providers, Consulting Companies and Advisers, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others