The “Online Insurance Market” report 2019 provides information for market players, stakeholders, investors, and business strategists to achieve a leading position the market. It maintains the record of Unusual growth strategies adopted by various companies are creating new standards for competition in the global Online Insurance market. Businesses around the world are aiming at increasing their profit margin and establishing a stronghold in the global market. The impact of prevailing regulatory scenario on both regional and worldwide Online Insurance market is provided in detail in the report.
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Online Insurance Market Covers Key Players:
- The report provides a detailed analysis on current and future market trends to identify the investment opportunities
- Market forecasts till 2024, using estimated market values as the base numbers
- Key market trends across the business segments, Regions and Countries
- Key developments and strategies observed in the market
- Market Dynamics such as Drivers, Restraints, Opportunities and other trends
- In-depth company profiles of key players and upcoming prominent players
- Growth prospects among the emerging nations through 2024
- Online Insurance Market opportunities and recommendations for new investments
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Scope of the Report:
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.
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Detailed TOC of Online Insurance Market Report 2019-2024:
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
5.1.1 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
Name: Ajay More
Phone: US +14242530807/ UK +44 20 3239 8187
Email: [email protected]
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