Online life insurance products and services Life insurance policy is a contract between the insurer and the insured, under which for the premiums received, the insurer agrees to pay a sum of money based on the policy conditions. The insurance market in India is highly established. Digitization of insurance was, however, a late development in the country. Insurance policies are broadly classified as traditional and ULIPs. The advances in the internet infrastructure and the rising cost of insurance policies are the major factors that paved way for online life insurance. With public entities such as LIC entering the online insurance market, the credibility of online policies have strengthened. As a result, there have been increase sales as well as renewal of insurance policies via the online medium.
Technavio's analysts forecast the online life insurance market in India to grow at a CAGR of 25.36% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of the online life insurance market in India for the period 2015-2019. To calculate the market size, it considers the number of new life insurance policies sold through the online medium.
Technavio's report, Online Life Insurance Market in India 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Online Life Insurance Market in India 2015-2019
Technavio recognizes the following companies as the key players in Online Life Insurance Market in India 2015-2019: Bajaj Allianz General Insurance, Birla Sunlife Insurance, Life Insurance Corporation of India, New India Assurance, SBI Life Insurance and Tata AIG General Insurance
Other Prominent Vendors in the market are: AEGON Religare Life Insurance, Aviva Life Insurance, Bharti Axa Life Insurance, Exide Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, IDBI Federal Life Insurance, Kotak Mahindra Old Mutual Life Insurance, Max Life Insurance, Reliance Life Insurance and Star Union Dai-ichi Life Insurance
Commenting on the report, an analyst from Technavio’s team said: “The rise in consumer awareness is one such trend. The IRDA has introduced various steps to spread awareness and educate the insured as well as the uninsured population. These developments are expected to positively impact the sales of insurance via online channels.”
According to the report, India, the rise in internet penetration is one of several factors that drives the growth of the market. The increased online presence of the population has encouraged insurance providers to offer policies via the online medium that are increasingly being accessed through desktops and mobile devices.
Further, the report states that compliance with IRDA regulations and web aggregators pose a challenge to the market.
Bajaj Allianz General Insurance, Birla Sunlife Insurance, Life Insurance Corporation of India, New India Assurance, SBI Life Insurance, Tata AIG General Insurance, AEGON Religare Life Insurance, Aviva Life Insurance, Bharti Axa Life Insurance, Exide Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance , IDBI Federal Life Insurance , Kotak Mahindra Old Mutual Life Insurance , Max Life Insurance, Reliance Life Insurance, Star Union Dai-ichi Life Insurance