Malaysia Online Insurance Industry Overview:
Increasing
Internet and Smartphone penetration, low infrastructural cost and covid-19
pandemic have collectively influenced the demand of Online
Insurance users in the country. Players in Insurance industry are aiming to
provide online services to cater the untapped and under exploited market.
Medical inflation is increasing
at more than 10% since 2015, leading to increasing demand for health insurance
providers. Covid-19 also plunged the demand and penetration in the health
insurance segment with double digit CAGR seen from 2019 to 2020, the highest
increase in over the past 5 years. Malaysia’s life insurance industry underwent
digitization because of the COVID-19 epidemic. The restrictive measures imposed
in Malaysia provided an opportunity for insurers to switch to a digital mode of
operations.
Motor Vehicle registration is
growing at a constant rate, with more than 50 products launched in the market
in 2019. This has increased the need for motor vehicle insurance providers in
Malaysia.
Travel Insurance constitutes very
high proportion in the online insurance segment, with Most of the travel
insurance are sold online along with the travel packages or bookings. Online
travel agencies tie up with companies to provide insurance for their users.
Huge investment are made in insurtech companies with technological advancement
in the form of automation and personalization, dominated the insurance
landscape.
Increasing mobile penetration
gave high upside potential to the online insurance market with Malaysia having
89% internet users in 2020, and growing at a CAGR of 5% since 2016 showing
opportunity for business to divest in online insurance segment. Multiple
marketing and business strategies are implemented involving cutting insurance
time from 14 days to 1 hour, thus reducing waiting time for the buyers.
The report titled “Malaysia
Online Insurance Market Outlook to 2026F: Driven by a growth in demand for
insurance at greater convenience and lesser cost in the country” by Ken
Research suggested that the Malaysia Online Insurance market is expected
to grow significantly owing to increasing government support and covid-19
pandemic. Covid-19 drive the growth of Insurance Industry with the increase in
online users and people’s preference towards avoiding physical contact and
substantial increase in the health demand for the users. Instead of a one-size
fits-all approach, insurer’s offers personalized or customized insurance
products through the digital insurance process, in order to satisfy the needs
of all types of clients. Online sales of insurance has removed the intermediary
between the firm and the policyholder. This cuts down cost for both the insured
as well as the insurer. The convenience and ease of use offered due to shifting
of the industry online makes it a preferred choice for people looking to
purchase insurance currently. The experience of being able to purchase
insurance from the comfort of one’s own home drives them towards online
insurance.
Key Segments
Covered in Malaysia Online Insurance Industry
Malaysia
Online Insurance Market
- By Product type of Insurance basis Gross
Premium
- Life Insurance
- Family Takaful
- General Takaful
- General Insurance
- By Product type of General Insurance basis
Gross Premium
- Motor Insuranc
- Medical & Health
- Employer’s liability
- Personal accident
- By Type of Entity basis Gross Premium
- Captive Players
- Aggregator Players
- Financial Advisors
- By Region basis Gross Premium
- Penang
- Johar
- Klang Valley & Selangor
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Key Target
Audience
- Insurance players
- Online Insurance Captive players
- Online Insurance Aggregators players
- Insurance Technology provider
- Insurance users
- New Entrant in Online Insurance space
- Associated or affiliated Banks with Insurance
entities
- Regulatory Bodies for Insurance entities
Time Period
Captured in the Report:
- Historical Period: 2016-2021
- Forecast Period: 2022-2026
Emerging
Companies in Malaysia Online Insurance Sector
Companies Covered:
Online
Insurane Aggregators
- Policy Street
- Bjak
- Qoala
Online
Insurance Captive Players
- Liberty Insurance
- Axa Affin Insurance
- eTiQa Insurance
- AIA Malaysia
- Takaful Ikhlas
- Tune Insurance
- Zurich Insurance
- Chubb Insurance
- Allanz Malaysia Berhad
- FWD Takaful
Key Topics
Covered in the Report
- Overview of Malaysia Online Insurance Industry
- Startups
in Malaysia Online Insurance Sector
- Country Overview of Malaysia Online Insurance
Industry
- Malaysia Online Insurance Market Overview and
Genesis
- Malaysia Online Insurance Market Segmentations
- Industry Analysis of Malaysia Online Insurance
Market
- Snapshot on Online Aggregators in Malaysia
- Competition Analysis of Malaysia Online
Insurance Market
- Outlook and Future Projections for Malaysia
Online Insurance Market
- Research Methodology
Related
Reports
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91-9015378249
