About Individual Insurance
Individual insurance is a policy that is paid by the policyholder. By this policyholder taking care of premium payments. Individual insurance differs from group insurance. Individual insurance can be purchased on and off-exchange. Majorly plans offer vital health insurance coverage. There are many customized plans are for lower-income members as determined by regularity authority. Major plans are available with optional worldwide coverage. The overall individual-insurance market has dropped.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Individual Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allianz (Germany), Allstate Insurance (United States), American International Group (United States), Berkshire Hathaway Homestate (United States), Ping An Insurance (China), Daman (United Arab Emirates), LIG Solutions (United States), Oscar Insurance Corp (United States), Cigna Corp. (United States) and Bright Health (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Molina Healthcare (United States), Centene Corporation (United States) and Anthem, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Individual Insurance market by Type (Long Term Insurance and Short Term Insurance), Application (Men and Women) and Region.
On the basis of geography, the market of Individual Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). If we see Market by Income Level, the sub-segment i.e. Low Income will boost the Individual Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Enhancing Tax Credits for Young Adults, Adding Standard Reinsurance and Increase the Adoption of Online Insurance
Market Growth Drivers:
Demand for IoT Based Devices in the Insurance Industry, Increases in Health Insurance Rates, Owing To the Adoption of IoT in and Growth in Cloud Computing Services and Increasing Tax Credit Amounts
Challenges:
Disruption to Existing Insurance Models and Limitation Due To Government Regulation Are Anticipated To Challenge the Market
Restraints:
Lack of Awareness among the Customers
Opportunities:
Increasing Partnership of Insurers with Policyholders and Rising Investment in Cloud-Based Technologies by Insurance Companies
Market Leaders and their expansionary development strategies
In Janurary 2021, Resolution Life Group Holdings LP (‘Resolution Life’), a global manager of in-force life insurance businesses, announced that it has completed the acquisition of Voya Financial, Inc.’s, (‘Voya’) individual life in-force business.
In Aug 2019, LIG Solutions and PeopleKeep announced a partnership to provide complementary health benefits across the United States. The major reason behind this agreement is to provide cost-effective coverage for medical care and handle the rising cost of care. For this insurance, healthcare is a new opportunity for health benefits providers.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Individual Insurance service providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.