New Research Report on “Online Insurance Market” presents an in-depth analysis of Online Insurance which includes market size, share, growth, and demand forecast until 2024 (in USD billion). The report sheds light on latest market developments and prominent trends of the market. Online Insurance market report includes research methodology, value chain analysis, industry analysis by the power of suppliers and consumers. Online Insurance market report also includes new upcoming technology of Online Insurance Industry that will help our clients.
Online Insurance Market Covers Major Key Players:
Online Insurance Market Covers manufacturers on the basis of market status, production, consumption, and forecast details.
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Scope of the Report:
The report covers a detailed analysis of the online insurance market in India, which includes an assessment of the emerging trends by segments and significant changes in market dynamics and market overview.
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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.
Online Insurance Market Report contents include:
- Analysis of the laboratory balance market including revenues, future growth, market outlook
- Historical data and forecast
- Regional analysis including growth estimates
- Analyzes the end user markets including growth estimates.
- Profiles on laboratory balance including products, sales/revenues, and market position
- Market structure, market drivers and restraints.
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Detailed TOC of Online Insurance Market Report 2020-2024:
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
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