Press release
Online Insurance Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Online Insurance
How Large Will the Online Insurance Market Size By 2025?
In recent times, there has been an extraordinary expansion in the size of the online insurance market. This market is projected to escalate from a value of $98.76 billion in 2024 to an impressive $121.68 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 23.2%. This unprecedented growth in the historic period is as a result of increased digitalization, decrease in operational and administrative expenses, substantial markdowns on insurance premiums, a surge in internet usage and a transition from conventional to online insurance services.
How Big Is the Online Insurance Market Size Expected to Grow by 2029?
Predictions indicate a significant surge in the online insurance market size in the upcoming years, with an expected growth to $276.84 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 22.8%. This anticipated growth throughout the forecast period can be traced back to rising mobile and internet usage, an escalating trend of buying insurance, the prevalence of online insurance purchases, enhanced ease and accessibility of procuring insurance, and a growing understanding of the advantages of health coverage. The forecast period will also observe key trends such as an increased implementation of Internet of Things technology, a surge in demand for personalized insurance plans, the emergence of mobile apps and AI technologies, a shift by insurance companies from product-focused to customer-centric strategies, and the embracement of InsurTech.
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Which Key Market Drivers Powering Online Insurance Market Expansion and Growth?
The expected rise in health insurance coverage is predicted to drive growth in the online insurance market. This coverage, a pact that necessitates an insurance company to cover partial or total healthcare expenses of a person in return for a premium, is escalating due to extended government schemes, profit aids, and amplified public cognizance of health's gravity owing to recent health emergencies. Utilization of online insurance platforms for health insurance enables swift policy comparison, simplified application procedures, and better access for users. To illustrate, data from the Bureau of the Census (a US government agency) revealed that the insured populace in 2022 witnessed a rise, both in terms of percentage and number, as compared to 2021. In 2022, approximately 92.1% of the populace, approximately 304.0 million individuals, were insured at least at some point during the year. This was a rise from 91.7% in 2021, wherein approximately 300.9 million individuals were insured. Consequently, the surge in health insurance coverage is stimulating the growth of the online insurance market.
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Which Fast-Growing Trends Are Poised to Disrupt the Online Insurance Market?
Leading firms in the online insurance industry are concentrating on devising inventive solutions, such as AI-powered chatbots for insurance resolution, to establish a strategic advantage. An AI-powered chatbot specific for insurance resolution is an advanced software program that uses artificial intelligence to aid policyholders and claimants throughout the insurance claim resolution process. For example, in February 2022, Policybazaar, an insurance aggregator business based in India, introduced an AI-powered WhatsApp chatbot designed to automate and speed up the claims resolution process for all of its business clients. This feature aims to offer uninterrupted support with claims notification and resolution through WhatsApp to all employees and their families enrolled in the plan. Subscribers to this service can utilize WhatsApp to access the claim assistance bot.
What Are the Emerging Segments in the Online Insurance Market?
The online insurance market covered in this report is segmented -
1) By Type: Life Insurance, Non-Life Insurance
2) By Tenure: Less Than 1 Year, 10 Years, 10-20 Years, 20-30 Years, More Than 30 Years
3) By Enterprise Size: Large Enterprises, 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
Subsegments:
1) By Life Insurance: Term Life Insurance, Whole Life Insurance, Endowment Plans, Universal Life Insurance, Variable Life Insurance, Health Insurance, Critical Illness Insurance, Accidental Death And Dismemberment (AD And D) Insurance, Retirement And Pension Plans
2) By Non-Life Insurance: Auto Insurance, Property Insurance (Home, Renters), Travel Insurance, Liability Insurance, Marine Insurance, Business Insurance, Health Insurance (Under Non-Life), Pet Insurance, Crop Insurance, Commercial Insurance, Fire Insurance
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Who Are the Global Leaders in the Online Insurance Market?
Major companies operating in the online insurance market are China Ping An Insurance (Group) Co. Ltd., Allianz SE, China Life Insurance Company, Axa S.A., Reliance Nippon Life Insurance Company Limited, The Dai-ichi Life Insurance Company Limited, MetLife Services and Solutions LLC, Assicurazioni Generali SpA, China Pacific Insurance Co. Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Allstate Insurance Company, Zurich Insurance Group Ltd., Sumitomo Life Insurance Company, Aviva PLC, Aegon Life Insurance Company, SBI Life Insurance Co. Ltd., Pacific Life Insurance Company, Bright House Financial Inc., Transamerica Corporation, Voya Financial Inc., Globe Life Inc., Symetra Life Insurance Company, Protective Insurance Corporation, Colonial Penn Life Insurance Company, Bestow Inc., Gerber Life Insurance Company, HDFC Standard Life Insurance Company Limited
Which are the Top Profitable Regional Markets for the Online Insurance Industry?
North America was the largest region in the online insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in 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, Africa.
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