The online insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Online Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The online insurance market size has grown exponentially in recent years. It will grow from $80.60 billion in 2023 to $98.76 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to a rise in digitalization, reduced operational and administrative costs, heavy discounting on insurance premiums, a high level of internet penetration, switch from traditional to online insurance services.
The online insurance market size is expected to see exponential growth in the next few years. It will grow to $225.58 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%. The growth in the forecast period can be attributed to increased mobile usage, internet usage continuing to rise, increasing popularity for purchasing insurance, people purchasing insurance online, rise in convenience and accessibility of purchasing insurance, and growing awareness of the benefits of having health coverage. Major trends in the forecast period include rising uptake of the Internet of Things technology, demand for customized insurance products, the advent of mobile apps and AI technologies, the transition of insurance companies from product-based towards consumer-centric strategies, and the adoption of InsurTech.
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Scope Of Online Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Online Insurance Market Overview
Market Drivers –
The increase in health insurance coverage is expected to propel the growth of the online insurance market going forward. Health insurance coverage refers to a contract that requires an insurer to pay some or all of a person’s healthcare costs in exchange for a premium. The increase in health insurance coverage is driven by expanded government programs, subsidies, and heightened public awareness of the importance of healthcare due to recent health crises. Using online insurance platforms in health insurance coverage allows quick policy comparisons, streamlined application processes, and enhanced user accessibility. For instance, in September 2023, according to the Bureau of the Census, a US-based government agency, in 2022, around 92.1% of the population, or 304.0 million people, had health insurance at some point during the year, an increase in both the insured rate and the number of insured individuals compared to 2021, when 91.7%, or 300.9 million people, were insured. Therefore, an increase in health insurance coverage is driving the growth of the online insurance market.
Market Trends –
Major companies operating in the online insurance market are focusing on developing innovative solutions, such as AI-enabled chatbots for insurance settlement, to gain a competitive edge in the market. An AI-enabled chatbot for insurance settlement refers to a sophisticated software application that utilizes artificial intelligence (AI) to assist policyholders and claimants throughout the insurance claims settlement process. For instance, in February 2022, Policybazaar, an India-based insurance aggregator company, launched an AI-enabled WhatsApp chatbot to automate and expedite the claim settlement process for all its corporate clients. The feature is designed to provide seamless assistance with claim notification and settlement via WhatsApp to all the employees and their families covered under the plan. Users who opt into this service can use WhatsApp to use the claims support bot. They can select the appropriate options, share details regarding hospitalization and expenses, and receive guidance on which documents to upload directly through WhatsApp.
The online insurance market covered in this report is segmented –
1) By Type: Life Insurance, Non-Life Insurance
2) By Tenure: Less Than 1 Year, 10 Years, 10-20 Years, 20-30 Years, More Than 30 Years
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Individual, Institution, Other Applications
5) By End User: Insurance Companies, Aggregators, Third Party Administrators And Brokers
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Regional Insights –
North America was the largest region in the online insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the online insurance market are China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa S.A., Reliance Nippon Life Insurance Company Limited, The Dai-ichi Life Insurance Company Limited, MetLife Services and Solutions LLC, Assicurazioni Generali SpA, China Pacific Insurance Co. Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Sumitomo Life Insurance Company, Aviva PLC, Aegon Life Insurance Company, SBI Life Insurance Co. Ltd., Pacific Life Insurance Company, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Symetra Life Insurance Company, Protective Insurance Corporation, Colonial Penn Life Insurance Company, Bestow Inc., Gerber Life Insurance Company, HDFC Standard Life Insurance Company Limited
Table of Contents
1. Executive Summary
2. Online Insurance Market Report Structure
3. Online Insurance Market Trends And Strategies
4. Online Insurance Market – Macro Economic Scenario
5. Online Insurance Market Size And Growth
…..
27. Online Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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