Online Life Insurance Market Scope
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.
The market study is being classified by Type (Normal and Luxury), by Application (Kids and Adults) and major geographies with country level break-up.
Research Analyst at AMA predicts that Japanese, German and United States Players will contribute to the maximum growth of Global Online Life Insurance market throughout the predicted period.
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) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Lifenet Insurance (Japan), Dai-ichi Life Insurance (Japan) and ACE (United States).
AdvanceMarketAnalytics has segmented the market of Global Online Life Insurance market by Type, Application and Region.
On the basis of geography, the market of Online 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). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Insurance, the sub-segment i.e. Life Insurance will boost the Online Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
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.
ďAccording to Insurance Regulatory and Development Authority of India, itís provide some basic guidelines where itís 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.Ē
- Collaboration and Tie Up Of Leading Players
- Value Oriented Consumers
- Rise in Urbanization and Digitalization Boost the Online Life Insurance Market
- Increase Number of Internet Userís Penetration.
- Proliferation Due to Long Term Value Creation And Productivity Improvements Leads to Grow the Market.
- Increase Lifestyles and Health Concerns Fuelled up the Online Life Insurance Market.
- Cyber Security Risk Associated with Online Platform that Hampers the Market.
- Lack of Awareness Among the Customers.
- Limitation Due to Government Regulation are Anticipated to Challenge the Market.
Key Target Audience
Online Life Insurance Manufacturers, Online Life Insurance Traders, End-Use Market Participants of Different Segments of Online Life Insurance, Government and Research Organizations, R&D Institutions and Others
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