The “Online Insurance Market” report delivers data about the landscapes which drive the development of Online Insurance industry. The Online Insurance market consists of large key companies who play a vital role in the production, manufacturing, sales, and distribution of the products. Online Insurance market research report provides crucial information related to overall Online Insurance market with respect to market size, applications, end-user industry size, types, and various other factors.
Scope of the Report:
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Competitive Landscape: The report also presents the market competitive landscape and a corresponding detailed analysis of the major players in the market. Online Insurance Market Segment by Key Players
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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.
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There are 4 key segments covered in this Online Insurance Market report:
- Competitor segment
- Product type segment
- End-use/application segment
- Geography segment
What does this report deliver?
- Comprehensive analysis of the Online Insurance market with respect to regions.
- Complete coverage of all the segments in the Online Insurance market to analyze the trends, developments in the global market and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in the Online Insurance market.
- The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- The growth matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
Online Insurance Market Report TOC Contains the Following Points:
- Introduction of Market or Scope of Report
- Research Methodology of Online Insurance Market
- Executive Summary of Online Insurance Market
- Overview of Online Insurance Market
- Market Drivers, Restraints, Opportunities, and Key Challenges of Online Insurance Market
- Online Insurance Market Segmentation by Product Type, Applications, and End-Users
- Competitive Landscape by New Product Launches, Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships
- Online Insurance Market Analysis by Key Players
- Future Trends and Recent Developments of Online Insurance Market
Name: Ajay More
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