The publication titled ‘India Web Insurance Aggregator Industry Outlook to 2024’
decodes the shape of Insurance industry in India with a special focus
placed on web aggregator mode of distribution and its fast pace growth in the
past few years. In addition to the different business models followed by
aggregator firms, the report also covers the current landscape of aggregator industry
basis revenue, premium collection, penetration rate with respect to overall
insurance industry. It also includes the extensive competition benchmarking of
industry by cross-comparing peer companies across operational, segment wise
premium collection, profitability and financial parameters, includes company
profiles of top players and defines customer acquisition cost of top players
and at industry level. The role of changing regulations by IRDA, prevailing trends
in industry and capturing issues faced by current players has also been
showcased to evaluate the future outlook of industry.
Analysts at Ken Research (Online
Market Research) have
estimated the total addressable market for different insurance products
including Motor, Health and Term Life and have suggested that profitability
should be a key concern for aggregator firms and investors while expanding the
business for acquiring new customers and serving with enhanced insurance
products. The report concludes with full interviews conducted with Mr. Mahavir Chopra, Chief Business Officer
at Coverfox and Mr. Naval Goel, Chief Executive Officer at PolicyX.
Insurance
Industry in India and Role of Aggregators
Insurance GWP collection of India reached USD 97.4 Billion in FY’2019, taking
the insurance penetration to 3.7%, lagging behind most of the emerging Asian
Economies wit h around 5.6% of penetration. The growth is majorly led by
non-life insurance products including Motor and Health owing to initiatives led
by government in terms of amending Motor Vehicles Act, 2019 and rising
awareness among population for covering the unforeseen risks. Introduction of
Web Aggregator Platforms have fostered the need for comparison of different
products at a single place, helping customers in making an informed choice.
During FY’2019, aggregator firms contributed less than 1% to total GWP
collection in India, depicting high growth over past few years yet potential
for more to meet European standards.
Different
Business Strategies of Players to Up-Ante their Game
While PolicyBazaar continues to be the pioneer in the industry, Coverfox
Broking Limited has positioned itself to being an Omni-channel provider of
service through their ‘more than 50,000 insurance agents registered on
‘Coverdrive’ segment. In a similar fashion, Bootstrapped PolicyX continues to
strengthen its cost leadership by having lowest customer acquisition cost among
industry peers. Targeting similar audience, aggregators generally compete on
Platform Service, Telemarketing Assistance, Product Portfolio and Partnership
with Insurance Providers.
Focus
on Rapidly Evolving Customer Behavior
The demand of customers is no longer limited to traditional products of
Motor, Health and Term Life and is gradually evolving to risks experienced in
domains including cyber, intellectual property, renters, travel, home and
contents, business, pet and others. Aggregators need to work hard with
Insurance providers to underwrite such risks and simultaneously making efforts
to spread awareness among the Tier II and Tier III cities of India. Aggregator
firms could also emphasize upon rewarding customers upon fulfillment of
precautionary measures specified for each insurance product.
Time Period
Captured in the Report:-
Historical
Period – FY’2016 - FY’2019
Forecast
Period – FY’2019 – FY’2024E
Companies
Covered:-
Policy Bazaar
CoverFox
EasyPolicy
PolicyX
ET Insure
Compare Policy
Key Topics
Covered in the Report:-
Snapshot on Insurance Industry in India
Distribution of Insurance in India
Overview of Insurance Web Aggregators
Operating Business Models (Online broking V/s Online
Aggregators)
Regulations by IRDA for Web Aggregators
India Web Insurance Aggregators Market Size
India Web Insurance Aggregators Market Segmentation
Competitive Landscape of Major Insurance Web Aggregators
Cross Comparison of Major Players on Key Performance
and Operational Indicators
Key Trends and Developments
India Web Insurance Aggregators Future Market Size
India Web Insurance Aggregators Future Market
Segmentation
Total Addressable Market for the Players,
FY’2019-FY’2024E
Analyst Recommendations for New and Incumbent Players
Interview with Mahavir Chopra, Chief Business Officer
at Coverfox Insurance
Interview with Naval Goel, CEO at PolicyX, India
For More Information on the research report,
refer to below link:-
Related
Reports:-
Contact
Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
ankur@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
ankur@kenresearch.com
+91-9015378249
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