Online Insurance Market By Enterprise Size, By Insurance type, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market

CHAPTER 4: ONLINE INSURANCE MARKET, BY ENTERPRISE SIZE
4.1 Overview
4.1.1 Market size and forecast
4.2 Large Enterprises
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3 SMEs
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country

CHAPTER 5: ONLINE INSURANCE MARKET, BY INSURANCE TYPE
5.1 Overview
5.1.1 Market size and forecast
5.2 Life Insurance
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Motor Insurance
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4 Health Insurance
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
5.5 Others
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market share analysis by country

CHAPTER 6: ONLINE INSURANCE MARKET, BY END USER
6.1 Overview
6.1.1 Market size and forecast
6.2 Insurance Companies
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3 Aggregators
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
6.4 Third Party Administrators and Brokers
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market share analysis by country

CHAPTER 7: ONLINE INSURANCE MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Enterprise Size
7.2.3 North America Market size and forecast, by Insurance type
7.2.4 North America Market size and forecast, by End User
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Enterprise Size
7.2.5.1.3 Market size and forecast, by Insurance type
7.2.5.1.4 Market size and forecast, by End User
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Enterprise Size
7.2.5.2.3 Market size and forecast, by Insurance type
7.2.5.2.4 Market size and forecast, by End User
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Enterprise Size
7.3.3 Europe Market size and forecast, by Insurance type
7.3.4 Europe Market size and forecast, by End User
7.3.5 Europe Market size and forecast, by country
7.3.5.1 UK
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Enterprise Size
7.3.5.1.3 Market size and forecast, by Insurance type
7.3.5.1.4 Market size and forecast, by End User
7.3.5.2 Germany
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Enterprise Size
7.3.5.2.3 Market size and forecast, by Insurance type
7.3.5.2.4 Market size and forecast, by End User
7.3.5.3 France
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Enterprise Size
7.3.5.3.3 Market size and forecast, by Insurance type
7.3.5.3.4 Market size and forecast, by End User
7.3.5.4 Spain
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Enterprise Size
7.3.5.4.3 Market size and forecast, by Insurance type
7.3.5.4.4 Market size and forecast, by End User
7.3.5.5 Italy
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Enterprise Size
7.3.5.5.3 Market size and forecast, by Insurance type
7.3.5.5.4 Market size and forecast, by End User
7.3.5.6 Rest of Europe
7.3.5.6.1 Key market trends, growth factors and opportunities
7.3.5.6.2 Market size and forecast, by Enterprise Size
7.3.5.6.3 Market size and forecast, by Insurance type
7.3.5.6.4 Market size and forecast, by End User
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Enterprise Size
7.4.3 Asia-Pacific Market size and forecast, by Insurance type
7.4.4 Asia-Pacific Market size and forecast, by End User
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Enterprise Size
7.4.5.1.3 Market size and forecast, by Insurance type
7.4.5.1.4 Market size and forecast, by End User
7.4.5.2 Japan
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Enterprise Size
7.4.5.2.3 Market size and forecast, by Insurance type
7.4.5.2.4 Market size and forecast, by End User
7.4.5.3 South Korea
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Enterprise Size
7.4.5.3.3 Market size and forecast, by Insurance type
7.4.5.3.4 Market size and forecast, by End User
7.4.5.4 India
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Enterprise Size
7.4.5.4.3 Market size and forecast, by Insurance type
7.4.5.4.4 Market size and forecast, by End User
7.4.5.5 Australia
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Enterprise Size
7.4.5.5.3 Market size and forecast, by Insurance type
7.4.5.5.4 Market size and forecast, by End User
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Key market trends, growth factors and opportunities
7.4.5.6.2 Market size and forecast, by Enterprise Size
7.4.5.6.3 Market size and forecast, by Insurance type
7.4.5.6.4 Market size and forecast, by End User
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Enterprise Size
7.5.3 LAMEA Market size and forecast, by Insurance type
7.5.4 LAMEA Market size and forecast, by End User
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Enterprise Size
7.5.5.1.3 Market size and forecast, by Insurance type
7.5.5.1.4 Market size and forecast, by End User
7.5.5.2 Middle East
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Enterprise Size
7.5.5.2.3 Market size and forecast, by Insurance type
7.5.5.2.4 Market size and forecast, by End User
7.5.5.3 Africa
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Enterprise Size
7.5.5.3.3 Market size and forecast, by Insurance type
7.5.5.3.4 Market size and forecast, by End User

CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments

CHAPTER 9: COMPANY PROFILES
9.1 Allianz SE
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 ASSICURAZIONI GENERALI S. P. A.
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 AXA Group
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 Munich Re
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Swiss Re
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Aviva
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Zurich Insurance Group
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 esurance
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Lemonade, Inc.
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 RooT
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments

Executive Summary

According to this report, titled, 'Online Insurance Market,' The online insurance market was valued at $53.2 billion in 2021, and is estimated to reach $330.1 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031.

Online insurance platform enables insurers to shift from complex core systems to greater technical agility and flexibility, digital fluency, and innovation in the existing business model. In addition, it helps a company to create manage, monitor, and control the online insurance ecosystem. Moreover, online insurance platform involves several technologies such as artificial intelligence (AL), the internet of things (IoT), machine learning (ML), and other insurance capabilities and content.

Key factors driving the growth of the online insurance market include increase in internet penetration, increase in smartphone usage, and surge in adoption of digital solutions. The digital technologies in the insurance sector are driven by the need to build direct relationships with the end consumer through smartphones as a primary medium of connection. Moreover, online insurance enables more meaningful customer engagement through multiple channels and provides a personalized experience, and enables online claim processing within a short time. Therefore, online insurance help to earn customer loyalty which is further boosting the growth of the online insurance market.

The market also offers growth opportunities to the key players in the market. The digital transformation solutions in the online insurance industry have led to efficiencies in its operations through Artificial Intelligence (AI), machine learning, and predictive analysis. Claims can now be processed through the ease of a mobile app instantly which has helped insurers reduce the time spent on policy writing. For example, by December 2020, awareness of online insurance, specifically the concept of health and life protection, will have skyrocketed. Importance of online insurance, with various customer-centric initiatives introduced by insurers, will gradually lead to insurance becoming a pull product from a push product as awareness increases. In addition, use of the internet and mobile phones has witnessed tremendous growth in both India and across the world. The insurance industry is not far behind when it comes to harnessing digital technology to scale their business model and strive to offer a hassle-free experience. Digitization in the insurance industry is beginning to gather pace and is expected to be one of the mainstays of insurance companies.

The online insurance market is segmented enterprise size, insurance type, end user, and region. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. On the basis of insurance type, it is categorized into life insurance, motor insurance, health insurance, and others. By end user, it is classified into insurance companies, aggregators, and third-party administrators & brokers. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Spain, Italy and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

The key players profiled in the study include Allianz SE, assicurazioni generali spa, AXA Group, Munich Re, Swiss Re, Aviva, Zurich Insurance Group, Esurance Insurance Services, Inc, Lemonade, Inc., and RooT. The players in the market have been actively engaged in the adoption various strategies such as partnership and acquisition to remain competitive and gain advantage over the competitors in the market. For instance, in July 2022, Allianz Direct partnered with CHECK24 in Germany and Spain: in future, consumers in both countries will be able to access Allianz Direct products on CHECK24's comparison portals. work closely together in the future on the further development of a purely digital business model with a clear focus on price-sensitive customers and will contribute their respective core competencies to the partnership.

Key Market Insights

By enterprise size, the large enterprise segment was the highest revenue contributor to the market and is estimated to reach $ 208,408.71 million by 2031, with a CAGR of 19.4%. However, the SMEs segment is estimated to be the fastest-growing segment with a CAGR of 21.5% during the forecast period.

By insurance type, the life insurance segment dominated the global market and is estimated to reach $ 149,607.31 million by 2031, with a CAGR of 18.4%. However, the health insurance segment is expected to be the fastest growing segment with 22.6% during the Growlers Market Forecast.

Based on end-user, the insurance companies segment was the highest revenue contributor to the market, with $ 26,794.14 million in 2021, and is estimated to reach $ 146,540.68 million by 2031, with a CAGR of 18.7%.

Based on region, North America was the highest revenue contributor, accounting for $ 20,431.16 million in 2021, and is estimated to reach $ 113,511.51 million by 2031, with a CAGR of 18.8%.

Companies Mentioned

• Allianz SE
• Assicurazioni Generali S.P.A.
• Axa Group
• Munich Re
• Swiss Re
• Aviva
• Zurich Insurance Group
• Esurance Insurance Services, Inc.
• Lemonade, Inc.
• Root

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.