- Future Growth of India Online Insurance Products is expected to be led by Internet and Web Aggregators.
- The market leader, PolicyBazaar.com is expected to maintain focus on Emerging Markets, rural regions and offering insurance products of major companies to compete with other players in the industry
Ken Research announced its latest publication on “India Online Insurance Market Outlook to 2019” which provides a comprehensive analysis of the Online Insurance market in India and covers various aspects such as market size of India’s Online Insurance market, segmentation on the basis of types of insurance products sold online (Life, Motor, Health, General Insurance), by distribution channels and by types of cities where policies are purchased. The report is useful for Web Aggregators, Insurance Companies selling their products online, brokers/agents, online marketing websites and new players venturing in the market.
The online insurance market in India has witnessed a growth in recent years on account of rising demand for insurance products such as Term, Health and Motor fueled by internet proliferation and increasing income of the consumers. The surge in growth has majorly originated from growth in Non Life insurance market and Term insurance plans. The growth in this segment has been largely led by the factors such as high internet penetration, surging business of Web Aggregators and rising awareness of customers. The online insurance market in India is comprised of large Web Aggregators such as PolicyBazaar.com, MyInsuranceClub.com and other large Insurance Companies such as HDFC Life and Aegon Religare Life Insurance which offer a large product portfolio of Life and Non Life Insurance products. The India Online Insurance market size by direct written premium has grown at a CAGR of nearly ~% from FY’2009-FY’2014.
According to the research report, India online insurance market will grow at an impressive CAGR rate thus exceeding INR 88 billion by FY’2019 due to the increasing number Web Aggregators, variety of insurance products and demand for better policies.
“While rising disposable incomes and boom in internet users will result in increased spending on online insurance products in India, strict IRDA compliances, cost of acquisition of the customers and Fund raising concerns are few of the major challenges which will affect the growth of this industry in the future”, according to the Research Associate, Ken Research.
Key Topics Covered in the Report:
Online Insurance Market
- Market Size by Direct Written Premium, Number of Policies sold
- Market Segmentation by
- Types of policies sold
- Distribution channels
- Types of cities
- Trends and Development
- Major Growth Drivers
- Regulatory Framework for Online Insurance
- Competition and Market Share
- Growth Drivers
- Future Outlook
- Macro Economic Parameters
Key Products Mentioned in the Report
Life Insurance Products
Term Insurance Policies
Health Insurance Products
Motor Insurance Products
Companies Covered in the Report
Insurance Companies (Life and Non Life)
- HDFC Life
- Aegon Religare
- Aviva Life
- ICICI Prudential Life
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Ankur Gupta, Head Marketing & Communications