Global Insurance Protection Products Market Overview:
Insurance protection products are mechanisms between an insured and the insurance company where if in the future insured faces any loss of life, or property, or any incident, then the insured is promised some amount of funds. Meanwhile, the insured is required to pay premiums since he or she has enrolled for any insurance protection product. The individual sum of premiums is pooled together to pay for any claims filed. The insurance market has evolved enormously over the years with the rise of financial institutions. Some of the players profiled in the study are AXA S.A. (France), Cigna (United States), Humana (United States), Prudential (United States), MetLife Inc. (United States), UnitedHealth Group Inc. (United States), Allianz (Germany), China Life Insurance Company (China), Anthem (United States) and Aviva (United Kingdom).
On the basis of geography, the market of Insurance Protection Products 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. Insurance Agents/Brokers will boost the Insurance Protection Products market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Comprehensive will boost the Insurance Protection Products market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Increasing Penetration of Insurance Companies in Developing Countries Especially in Tier II and Tier III Cities within them
- Rising Health Uncertainties Due to Increasing Chronic Diseases and Recent Pandemic
- Wide Number of Insurance Plans Offered According to Varying Requirements which Even Includes Custom Plans
- Use of Cloud Computing, Big Data Analytics, and Blockchain Technology is Widely Increasing in the Insurance Market
- High Premium Cost of Higher Coverage Insurance Plans
- Comprehensive Health Insurance Policies are Gaining Popularity over Any Certain Health Risk Specific Plans
- Tapping Unexplored or Low Explored Markets can be a Key Market to Focus on
- Tough Competition from Different Insurance Companies
- Market Penetration in Developing Countries Because of Lack of Awareness about Insurance in Such Countries
- Providing Custom Insurance Plans Specific to Individual Needs
Key Market Developments:
In 2020, India’s leading market player in life insurance, ICICI Prudential Life Insurance, and RBL Bank signed an agreement to partner in life insurance protection products. Under this deal, more than 8.7 million customers of RBL Bank will be able to avail a long array of customer-centric protection and long-term savings products of the ICICI Prudential Life Insurance
Target Audience:Insurance Providers, and Suppliers, Banks, Government Regulatory Bodies and Research Organizations, Consultancy and Research Firms, Analysts and Strategic Business Planners, Venture Capitalists and Private Equity Firms and New Entrants/Investors
Major Objectives Focused through this Study To define, describe, and forecast the Global Insurance Protection Products market on the basis of product [Life Insurance and Non-Life Insurance] , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Insurance Protection Products market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Insurance Protection Products industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Dai-ichi Life Holdings, Inc. (Japan), Nippon Life Insurance Company (Japan) and New York Life Insurance Co. (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Insurance Protection Products market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. 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, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.