Press release
Rising Demand for E-Insurance Policies, Digital Marketing Campaigns for Awareness with Adoption of New Technologies had driven Singapore Online Insurance Market: Ken Research
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: -
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/singapore-online-insurance-market-outlook-to-2026/596138-93.html
Related Reports by Ken Research
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/malaysia-online-insurance-market-outlook-to-2026/596048-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/thailand-online-insurance-market-outlook-to-2027/596005-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/indonesia-online-loan-aggregator-industry-outlook/347119-93.html
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