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Online life insurance plans are the life insurance plans that are available exclusively online. These plans are purchased directly, generally through the insurance company’s or aggregator’s website and are relatively cost efficient in comparison to a plan purchased through an insurance agent. In the present scenario, online insurance market is in a very nascent stage and not even 5% of the global life insurance industry premiums are from online insurance plans. However, the market has been witnessing an impressive growth in past four years. On one hand while the life insurance industry is expected to grow at (3 – 4)% in the next six years, the online life insurance business of companies would exhibit a growth of over 12%.
“The gross premium collected from online life insurance plans stood at $100 billion in the year 2017. This figure rose to $122.1 billion in 2018 and further to $137.2 billion in 2019, witnessing a growth of 29% and 22% respectively. The industry is expected to attain a size of $354 billion by 2027, growing at a CAGR of over 12% during (Till 2030).”
There are several factors driving the online life insurance industry. The most prominent among these is cost efficiency and eae of online purchasing. Online term plans are on an average are 40% cheaper than the offline options. This is primarily because there is no intermediary involved in the process. As the customer directly purchases the plan from insurance company’s website, there is no cost incurred in terms of commission given to an agent. Even the ones sold through online insurance aggregators, involve a marginal commission in comparison.
Countries such as the U.S., Germany and UK are quite saturated markets for life insurance. However, these countries also exhibit a close to doube digit growth for online life insurance sales. Moreover, developing countries such as China and India are growing even at a faster pace. For instance, growth observed in the online life insurance sales in China in 2019 was 30% and in India, it was around 100% in comparison to the previous year.
The research report titled “Online Life Insurance Market, Business and Opportunity Analysis” published by Datavagyanik presents a detailed analysis of the Online Life Insurance market with country-wise market statistics, qualitative insights and market player analysis. One of the prime objectives of the report is to provide an assessment of the market potential, market revenue, growth and business opportunities for Online Life Insurance Market in each country.
The report analyzes Online Life Insurance market from demand as well as supply side. In supply side analysis, we reach out to the Online Life Insurance market players to collect information on their portfolio, revenue, target customers and other insights. During this process, paid interviews and surveys are conducted for obtaining and validating the data pointers. We also deep dive into the available paid industry databases, research studies, white papers and annual reports.
As a part of our demand side analysis, we reach out to the end users of Online Life Insurance, to gauge the application areas, demand trends and similar insights.
This business analysis report on the Online Life Insurance market presents a regional as well as country level analysis. The regions covered in the report are – North America, Europe, Asia Pacific and Rest of the World. In these four regions, all the countries have been covered in detail with information on Online Life Insurance market size, trends and forecast.
The report covers Online Life Insurance market revenue and forecast for the period (Till 2030), by regions, (further split into countries):
ONLINE LIFE INSURANCE MARKET REVENUE ($MILLION), AND FORECAST, Till 2030
*Note – Country level break-down has been covered in the report
There is an entire data collection and validation framework that Datavagyanik follows to provide you with authentic information. We connect to industry experts across various countries to understand market trends and demand pattern. The same is done through paid interviews and surveys.
Our internal team of analysts are experts in studying market pattern, mining data and extracting useful information from different paid as well as freely available sources. Datavagyanik has exhaustive internal data base with information on markets, market players and other macro and micro economic indicators that impact industries.
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