Global Death Insurance Market Overview:
Insurance is a risk management mechanism that is utilized against uncertain risk and protection from financial loss. Death insurance is another name for life insurance that protects from financial risk to the family or survivors in case of the death of an insured individual. In death insurance, different types of death are covered such as natural death, accidental death, suicide, murder, etc. Currently, the principal function of death insurance is to maintain the regular lifestyle and expenses of survivors of the family of the insured individual. However, there are some disadvantages of death insurance such as, if cease to pay monthly premium then, you will no longer be covered, high monthly premiums, non-possibility to cash policy in times of economic crisis, and claiming money is very troublesome.
- Increase in income of the rural area and spending ability on insurance
- Improvement in management of claims and regulatory trends
- Lack of knowledge about different factors in insurance and future benefits
- High insurance premium cost and complex process
- Emerging countries need to adopt new technological advancements in insurance infrastructure
- Development of new models and personalized products
- Awareness regarding understanding the products and services offered by the insurance companies.
The leading organizations in the market to deliver a better experience to the customers made strategic partnerships and acquisitions of companies to make the insurance process easier and focusing on the digital transformation of the insurance industry. Also, companies trying to provide personalized products to the customers.
Some of the key players profiled in the report are ACE Insurance (Switzerland), AEGON Allianz (Netherland), AXA Equitable Life Insurance Company (United States), Banner Life Insurance Company (United States), HDFC Standard Life Insurance Company (India), ICICI Prudential Life Insurance Company (India), USAA Life Insurance (United States), Cardif (France), AIG (United States) and Prudential (United States). Additionally, following companies can also be profiled that are part of our coverage like Anadolu Hayat (Turkey), Assicurazioni General (Italy), Banamex (Mexico), John Hancock Insurance (United States), China Pacific Insurance (China), CNP Assurances (France), Credit Agricole (France), DZ Bank (Germany) and Grupo Nacional Provincial SA (Mexico). Analyst at AMA Research see United States Players to retain maximum share of Global Death Insurance market by 2026.
Latest Market Insights:
On 26 March 2021, Allianz acquire the life and non-life insurance operations, as well as pension and asset management business from Aviva Poland group. This agreement represents an important step for Allianz to accelerate its success story of growth in the CEE region and achieve a well-balanced business mix between property/casualty and life insurance.
On 14 Nov 2019, Allianz SE and Microsoft Corp. entered into a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. This will increase efficiencies across all lines of insurance business, resulting in better experiences through tailored customer service and simplified product offerings.
What Can be Explored with the Death Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Death Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Death Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Death Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Death Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Death Insurance Market?
The Death Insurance market is expected to see a CAGR of % during projected year 2020 to 2026.
2. Who are the top performing companies in Death Insurance Market?
Top performing companies in the Global Death Insurance market are ACE Insurance (Switzerland), AEGON Allianz (Netherland), AXA Equitable Life Insurance Company (United States), Banner Life Insurance Company (United States), HDFC Standard Life Insurance Company (India), ICICI Prudential Life Insurance Company (India), USAA Life Insurance (United States), Cardif (France), AIG (United States) and Prudential (United States), to name a few.
3. What trending factors would impact Death Insurance Market growth most?
"Robotic Process Automation (RPA) and AI will occupy center stage in the insurance
" is seen as one of major influencing trends for Death Insurance Market during projected period 2020-2026.