Global Online Insurance Market Trends, Strategies and Outlook to 2024-2033
Online Insurance Market Trends, Strategies and Outlook 2024-2033
— The economic research company
LONDON, GREATER LONDON, UNITED KINGDOM, August 29, 2024 /EINPresswire.com/ — The online insurance market has witnessed strong growth in the last few years, growing from $80.60 billion in 2023 to $98.76 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth over the historical period is attributed to increasing digitization, reduced operational and administrative costs, deep discounts on insurance premiums, high internet penetration, and the shift from traditional to online insurance services.
Strong future growth expected
The online insurance market is expected to continue to grow at a strong pace and reach USD 225.58 billion in 2028, growing at a compound annual growth rate (CAGR) of 22.9%. The growth during the forecast period is attributed to the increasing use of mobile devices, continued increase in internet usage, increasing popularity of purchasing insurance, purchasing insurance online, increasing convenience and accessibility of purchasing insurance, and growing awareness about the benefits of health insurance.
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Growth drivers of the online insurance market
The rise in health insurance coverage is expected to drive the growth of the online insurance market in the future. Health insurance coverage refers to a contract that obligates an insurer to cover part or all of an individual’s healthcare expenses in exchange for a premium. The rise in health insurance coverage is driven by expanded government programs, subsidies, and increased public awareness of the importance of healthcare due to recent health crises. Using online insurance platforms for health insurance coverage enables quick policy comparisons, streamlined application processes, and improved user experience.
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Key players and market trends
Major players in the online insurance market include China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa SA and Reliance Nippon Life Insurance Company Limited.
Large companies operating in the online insurance market are focusing on developing innovative solutions such as AI-powered insurance processing chatbots to gain a competitive edge in the market. An AI-powered insurance processing chatbot is a sophisticated software application that uses artificial intelligence (AI) to assist policyholders and claimants throughout the insurance processing process.
Segments:
1) By type: life insurance, non-life insurance
2) By term of office: Less than 1 year, 10 years, 10-20 years, 20-30 years, More than 30 years
3) By company size: large companies, small and medium-sized enterprises (SMEs)
4) By application: individual, institution, other applications
5) By end user: insurance companies, aggregators, third-party administrators and brokers
Geographical insights: North America is the market leader
North America was the largest region in the online insurance market in 2023. Asia Pacific is expected to be the fastest growing region during the forecast period. The regions covered in the online insurance market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Definition of the online insurance market
Online insurance is a type of insurance service that is primarily conducted and managed through online platforms and digital channels. It allows individuals and businesses to research, purchase, manage, and renew insurance policies over the internet without the need for physical documentation or in-person visits to insurance offices. Online insurance services typically offer convenience, easy comparisons, and faster turnaround times compared to traditional offline methods.
The Business Research Company’s Global Online Insurance Market report 2024 includes the following information:
• Market size data for the forecast period: Historical and future
• Market analysis by regions: Asia Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and much more.
The Online Insurance Global Market Report 2024 by The Business Research Company is the most comprehensive report that offers insights into the Online Insurance market size, Online Insurance market drivers and trends, key players in the Online Insurance market, revenues of the Online Insurance competitors, Online Insurance market positioning and Online Insurance market growth in different regions. The Online Insurance market report helps you gain deep insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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