Life insurance is an instrument that provides
economic security for the lives in a family, yet this remains neglected in
Czech market. On comparison with other counterparts like Germans or Austrians,
Czech spends three times lesser on life insurance. Thus, the life insurance
market has immense scope for growth and is expected to yield quality results
given variations in the business model of life insurance distribution. Many of
the current consumers of life insurances are not satisfied with the type of insurance
products as they do not suit the needs of the users. This also is due to the
fact that the financial advisers lack the required degree of expertise to help
with respondents’ claims. The terms and conditions of the life insurance
products are rather unclear to the users and is left to their own preconceived
notions.
In the news recently, Czechs have been
fighting bug life insurance players after being convinced to buy long lasting
new investment insurance policies and duped with promises of security, high
returns and savings. Promotions were undertaken in large scale through massive
sales campaigns and exorbitant fees for agents were levied by insurers which
buyers were unaware of. These have led to huge amount of losses to many
individuals and have taken the legal route.
A typical Czech market feature is the presence
of large number of insurers which will not be profitable for many insurers in
the long run. A strategy to uphold here is undergoing consolidation to reduce
the providers and strengthen the business inorganically. The future of life
insurance vests on digitalisation and automation, optimising distribution
channels, improved customer relationships and meeting the demands of increased
regulations.
Ken Research’s Strategic
Market Intelligence: Life Insurance in the Czech Republic-2017 gives a comprehensive analysis of the
Czech life insurance market in review period of 2012-2016 and also on forecast
period of 2016-2021. The report offers detailed analysis various segments of
Czech life insurance market and compares it with its counterparts. The report
provides analysis on various distribution channels, risk governance and its
impact on life insurance in the country. This report will help in making
strategic decisions based on forecasted data and helps in identifying
competitive dynamics in the life insurance market. The key competitors in the
life insurance market segment of the country are ?eska Pojis?ovna, Kooperativa
pojistovna, Pojistovna Ceske, NN Zivotni, CSOB Pojistovna, Generali Pojistovna,
Allianz pojistovna, MetLife Europe, Ceska podnikatelska and Komercni
pojistovna.
For more information, click on the
link below:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91
9015378249
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