India Online Insurance Outlook to
2019 – Driven by Internet Growth and Web Aggregator’s Industry presents
a comprehensive analysis of the online insurance industry covering aspects
including market size by Direct Written Premium and number of policies sold. A
detailed analysis of market segmentation along with the channels of
distribution has been listed in the report. The report also entails a detailed
description on the recent trends and developments, SWOT analysis; issues faced
by online insurance industry, Comparison of Web Aggregators in the market and
competitive landscape of major players in the industry. Future Prospects of the
industry along with future projections have also been discussed.
The
Indian online insurance market is characterized by numerous opportunities for
the Aggregation Websites and Insurance companies to capitalize and grow. The
introduction of new insurance products especially for online buyers by the
insurance companies aiming to explore the possibility of innovative
technologies which are simple to use, cost-effective, portable and
power-independent has been driving the growth of this sector. With greater
number of people demanding better insurance products with excellent features of
premium, cover and claim returns, technological advancements and cost effective
products become an imperative need for Insurance Companies and Aggregation
Websites. The new IRDA compliances which provide comparison between the
insurance products with unbiased information and are cost effective due to
rising competition have become a key concern for Web Aggregators in India. Additionally
fund raising concerns and channel conflicts have also been a major challenge in
this market. Although, the high internet penetration in India has helped in
improving the online insurance penetration, plans for Health, Travel, Motor and
Term insurance has been in constant demand.
The
market for online insurance in India has witnessed an exponential growth over
the last few years and registered a CAGR of 88.3% over the period
FY’2009-FY’2014. The online direct written premium has increased from INR ~
million in FY’2009 to INR ~ million in FY’2014. The major portion of the market
is shared by Web Aggregators followed by Insurance companies which are directly
selling the policies online. Web aggregators held a share of ~% in the overall
market size in FY’2014 and recorded sales of ~ policies.
PolicyBazaar.com,
MyInsuranceClub.com and InsuringIndia.com are the major Web Aggregators which
market and sell policies online. These Aggregators offer a portfolio of insurance
products of major companies which can be compared and bought. PolicyBazaar.com
collected the premium of INR ~ million in FY’2014 followed by
MyinsuranceClub.com and InsuringIndia.com which collected premium of INR ~ million
and INR ~ million in 2014 respectively. Easypolicy.com, Policymantra.com,
BuySmartpolicy.com SastaPolicy.com and PolicyX.com are other Web Aggregators in
the market. HDFC Life is the leading player amongst the Insurance Companies
selling policies online. HDFC Life sold ~ policies in 2014 worth INR ~ million
premiums. AEGON RELIGARE Life Insurance, AVIVA Life and ICICI Prudential Life
Insurance are some key players in the Insurance market which offer life insurance
products online.
Increased Internet proliferation
would be driving the future of India’s online insurance market, coupled with
rising disposable income levels of the population. The market is predicted to
grow at a CAGR of 65.8% from FY’2014-FY’2019 and is expected to cross INR ~ million
by FY’2019.
Key
Topics Covered in the report:
·
Market Size of India
Online Insurance Market by Direct Written Premium, Number of Policies sold
·
Market Segmentation of
India online insurance market by Life and Non Life insurance products;
Distribution channels
·
Trends and
Developments in Online Insurance Market
·
Major Growth Drivers
of Online Insurance Market
·
SWOT Analysis of
Online Insurance Market in India
·
Regulatory Framework
in the Online Insurance Market in India
·
Market Share of Major
Web Aggregators and Insurance Companies
·
Competitive Landscape
of Major Players in Online Insurance industry
·
Future Outlook and
Projections of India Online Insurance Market
·
Macro Economic
Parameters affecting India Online Insurance Market
