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Online Insurance Market 2019: Comprehensive Analysis by Top Key Companies, Industry Growth, Size, Share, Market Insights, Sales Volume and Forecast to 2024

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The “Online Insurance Market” research report 2019 delivers comprehensive information about the market ranging from the establishment to the predictable growth trend. Online Insurance market report provides brief analytical data of the market contenders globally using advanced methodological approaches, such as SWOT analysis, production chain, cost, sales margin, financial details, recent developments. Online Insurance market report also offers market competitors that includes detailed company profiles along with company product specifications.

Market Overview:

  • The online insurance market in India (henceforth, referred to as the “market studied”) is expected to reach a value of approximately INR 220 billion by 2024.
  • – Online life insurance sales are expected to grow at approximately 5% of the individual annualized new business premium by 2020, whereas the non-life insurance sales are expected to grow at more than 15% of non-life retail insurance business. This growth trend, expected to grow stronger in future, is primarily attributed to the increase in smart phone usage and internet penetration.
  • – The increasing internet and mobile usage has a major influence on changing customer preferences, as the customers are getting used to researching products online. While the traditional model of buying insurance is still the most sought in India, it was found that online research on life insurance has been observing an increasing trend.
  • – Though the traditional channels, like agency and third-party distribution, have a market share of more than 80%, the online distribution channel is evolving as the preferred mode of purchasing insurance. Additionally, studies show that a typical online customer is well aware of his/her needs and has been taking informed decisions.<

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    In Online Insurance Market Report, Following Companies Are Covered:

  • The New India Assurance Co. Ltd
  • The Oriental Insurance Company Limited
  • United India Insurance Company Limited
  • ICICI Lombard General Insurance Company Limited
  • Bajaj Allianz General Insurance Company Limited
  • ICICI Prudential Life Insurance Co. Ltd
  • SBI Life Insurance Co. Ltd
  • HDFC Life Insurance Co. Ltd
  • Aditya Birla Sun Life Insurance Company Limited
  • Bharti AXA General Insurance Company Limited

    Online Insurance Market 2019 report will help the industry aspirants in arranging their strategies. The measurements offered in this report will be an exact and helpful manual to shape the business development. Additionally, will Provide historical data along with a future forecast and detailed analysis and also expected opportunities.

    Scope of the Report:

  • The report covers a detailed analysis of the online insurance market in India, which includes an assessment of the emerging trends by segments and significant changes in market dynamics and market overview.

    Reasons for Buying Online Insurance Market Report:

    • This report provides pin-point analysis for changing competitive dynamics
    • It provides a forward looking perspective on different factors driving or restraining market growth
    • It provides a five-year forecast assessed on the basis of how the market is predicted to grow
    • It helps in understanding the key product segments and their future
    • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
    • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

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    Key Market Trends:

    Increasing Internet User-base in India

    – In 2018, India had more than 480 million internet users, and the figure is projected to cross 650 million in 2024. India is the second-largest online market, worldwide. Majority of the internet users in India are mobile phone internet users who take advantage of cheap alternatives rather than opting for expensive landline connections that require desktop PCs and infrastructure.
    – According to the ICUBE 2018 report, which tracks the digital adoption and usage trends in India, the number of internet users in India registered an annual growth of 18% and was estimated at 566 million (as of December 2018), with a 40% overall internet penetration.
    – Increased availability of bandwidth, cheap data plans, and increased awareness driven by government programs seem to have rapidly bridged the digital gap between urban and rural India.
    – Consequently, the internet penetration in rural India increased from 9% in 2015 to 25% in 2018.

    High Focus on Digitalization in India to Drive Online Insurance Sales

    – Over the past few years, several initiatives were taken by the Indian government for the digital transformation of the country. Digitalization has had its impact on several industries in the country, insurance being one of them.
    – In India, the digital influence on insurance sales is 13% for life insurance, 15% for health insurance, 9% for motor insurance, and 21% for travel insurance.
    – Approximately, INR 80 billion of new insurance sales are digitally influenced. It is estimated that the digital influence on insurance sales may rise to 50% for life insurance and 75% for non-life insurance, by 2020.
    – The number of UPI transactions in the country increased by more than 90% from 30 million transactions in September 2017 to 405 million transactions in September 2018.
    – This changing behaviour of the consumers in India toward online transactions is expected to have a significant impact on the sales of online insurance policies.
    – Additionally, the reduced cost associated with buying an insurance through online channel and the availability of a wide range of product information for the comparison of policies are expected to attract more customers toward buying insurance policies through the online channel.

    The Research Document Will Answer Following Questions Such as:

    • What are the cutting-edge technologies responsible for driving the growth of the market?
    • What are the main applications of the market? What are the growth prospects to the market applications into the market?
    • At what stage of development are the key market products?
    • What are the shortcomings that has to face to become commercially viable? Is their growth and commercialization dependent on cost declines or technological/application breakthroughs?
    • What is the outlook for the industry?
    • What difference does performance characteristics of Online Insurance create from those of established entities?

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    Detailed TOC of Online Insurance Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY
    2.1 Analysis Methodology
    2.2 Research Phases

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Growth Drivers
    4.3 Market Challenges
    4.4 Industry Attractiveness – Porter’s Five Forces Analysis
    4.4.1 Threat of New Entrants
    4.4.2 Bargaining Power of Buyers/Consumers
    4.4.3 Bargaining Power of Suppliers
    4.4.4 Threat of Substitute Products
    4.4.5 Intensity of Competitive Rivalry
    4.5 Market Opportunities
    4.6 Regulatory Environment in the Indian Insurance Industry

    5 MARKET SEGMENTATION
    5.1 Type
    5.1.1 Life Insurance
    5.1.2 Motor Insurance
    5.1.3 Health Insurance
    5.1.4 Other Insurances

    6 COMPETITIVE LANDSCAPE
    6.1 Market Competition Overview
    6.2 Company Profiles
    6.2.1 The New India Assurance Co. Ltd
    6.2.2 The Oriental Insurance Company Limited
    6.2.3 United India Insurance Company Limited
    6.2.4 ICICI Lombard General Insurance Company Limited
    6.2.5 Bajaj Allianz General Insurance Company Limited
    6.2.6 ICICI Prudential Life Insurance Co. Ltd
    6.2.7 SBI Life Insurance Co. Ltd
    6.2.8 HDFC Life Insurance Co. Ltd
    6.2.9 Aditya Birla Sun Life Insurance Company Limited
    6.2.10 Bharti AXA General Insurance Company Limited

    7 Future of the Market

    8 Disclaimer

     

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