Driven by Digital Disruption and Rising Technology-enabled Services in the country.
Demand for E-Insurance Policies: Most of the youngster want to opt for E-Insurance, as E-Insurance policies are often way cheaper than offline plans due to the elimination of overhead charges and agents’ commissions online as the Commission charged by aggregators are very high, which are avoided. Also, the consumer retention ratio is just very low in offline mode. Online websites provide automated servicing like quick premium quotes, renewal of old policies, online payment of premiums, 24x7 service, tracking of insurance investments and provision of online claims. It also eliminates the chances of fraud and mis-selling, especially by an agent or distributor and also reduce the Premium thefts, sliding and other agent-initiated schemes in online insurance method.
Increasing Digital Marketing Campaigns: Singapore has High Internet Penetration; as majority of the population has the internet access which is used as a tool to increase the awareness about online insurance policies and schemes through online campaigns and digital marketing. Digital marketing also drives awareness regarding the insurance policies and educate consumer on the value proposition of the product. It also has helped in Well-designed campaign operations which enable organizations to track, optimize, prioritize, execute, and measure the digital-marketing campaigns effectively.
Adoption of New Technologies: The adoption of New Technologies, the digital insurance platform has driven the pace of change in the insurance industry in Singapore. Technologies like Artificial Intelligence and Machine learning has improved the efficiency and automated the existing customer-facing underwriting and claims processes. It has enhanced customer interactions and provided more personalized, accurate healthcare information. Prudential Singapore expects to benefit from, AI and ML tools such as Kubeflow, Looker, Big Query and Vertex AI.
Covid-19 Impact: The Covid-19 pandemic compelled consumers to prioritize health insurance. The health insurance segment recorded a generous increase in gross written premiums in 2021, compared to 2019.
Analysts at Ken Research in their latest publication “Singapore Online Insurance Market Outlook to 2026F - Driven by Digital Disruption and Rising Technology-enabled Services in the country” by Ken Research observed that Online Insurance Market is a emergent market in Singapore, which is at a growing stage even during the pandemic as well. The Rising Demand for Online Policies, Digital Marketing Campaigns for Awareness with Adoption of New Technologies, had contribute to the market growth over the forecast period. The Singapore Online Insurance Market is expected to see high growth rate over the forecasted period 2022-2026F.
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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: 2016-2020
- Base Year: 2021
- Forecast Period: 2022– 2026F
Companies Covered:
- AXA Insurance
- AIA Singapore
- Prudential Assurance Company
- FWD Insurance
- Singlife with Aviva
- Great Eastern Life
- Manulife Singapore
- Chubb Asia Pacific
- HSBC Singapore
- Singapore Life
- China Taiping
- Zurich
- St. James’s Place
- Swiss life
- Quilter International
- Tokio Marine
- Income
- EtiQa
- Transamerica
- Munich RE
- Utmost International
- China Life
Key Topics Covered in the Report:
- Country Overview
- Singapore Population Analysis
- Overview and Genesis of Singapore Online Insurance Market
- Ecosystem of Singapore Online Insurance Market
- Timeline of Major Players in Singapore Online Insurance Market
- Types of Insurance products in Singapore Online Insurance Market in 2021
- Current Scenario of Health Insurance in Singapore Online Insurance Market in 2021
- Growing Traffic and Motor Insurance in Singapore Online Insurance Market in2021
- Travel Insurance in Singapore in 2021
- Property Insurance in Singapore in 2021
- Market Size of Singapore Online Insurance Market
- Market Segmentation of Online Insurance Market in Singapore
- Industrial Analysis
- SWOT Analysis of Singapore Online Insurance Market
- Technology Trends Transforming the Singapore Online Insurance Market
- Regulatory Framework of Government Regulations of Singapore Online Insurance Market
- Government Regulations of Singapore Online Insurance Market
- Customer Analysis of Online Insurance Market in Singapore
- Challenges faced by Consumers in using Online Insurance in Singapore
- Competitive Analysis of Online Insurance Market in Singapore
- Cross Comparison of Major Players in Singapore Online Insurance Market
- Cross Comparison of Major Insurtech in Singapore Online Insurance Market
- Future Outlook and Projections of Online Insurance Market in Singapore
- Impact of COVID-19 on Online Insurance Market in Singapore
- Analyst Recommendations
For more insights on the market intelligence, refer to the link below: -
Singapore Online Insurance Market: Ken Research
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