About Variable Universal Life Insurance
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.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Variable Universal Life 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.
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) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Variable Universal Life Insurance market by Type (Flexible-Premium Universal Life Insurance and Fixed Premium Universal Life Insurance), Application (Agency, Digital and Direct Channels, Brokers and Bancassurance) and Region.
On the basis of geography, the market of Variable Universal 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). If we see Market by Distribution Channel, the sub-segment i.e. Offline Distribution will boost the Variable Universal Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Investment Variety will boost the Variable Universal Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The popularity of Flexible Premium Variable Universal Life Insurance is High
Market Growth Drivers:
Demand for Flexible Maximum and Minimum Premium Payment Options and Growing Investment of People on Permanent Life Insurance with Higher Returns
Challenges:
Regulatory Compliances Associated with Variable Universal Life Insurance
Restraints:
Complexity Involved in the Variable Universal Life Insurance
Opportunities:
Surging Demand for Variable Universal Life Insurance from Developing Nations
Market Leaders and their expansionary development strategies
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.
Key Target Audience
Variable Universal Life Insurance Providers, Variable Universal Life Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
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.