Online Insurance Market Report 2024

The online insurance market size has grown exponentially in recent years. It will grow from $80.6 billion in 2023 to $98.76 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth observed in the historic period can be attributed to several factors, the increasing trend towards digitalization, which streamlined processes and reduced operational and administrative costs in the insurance sector. Additionally, heavy discounting on insurance premiums, coupled with high levels of internet penetration, contributed to a significant shift from traditional to online insurance services.

The online insurance market size is expected to see exponential growth in the next few years. It will grow to $225.58 billion in 2028 at a compound annual growth rate (CAGR) of 22.9%. In the forecast period, growth can be attributed to several factors, increased usage of mobile devices, continuing growth in internet usage, rising preference for online insurance purchases, enhanced convenience and accessibility of insurance buying processes, and growing awareness of the advantages of health coverage. Major trends expected in this period include the expanding adoption of Internet of Things (IoT) technology, heightened demand for personalized insurance products, the emergence of mobile apps and AI technologies in insurance services, the shift of insurance companies towards more consumer-centric strategies, and the integration of InsurTech innovations.

The increase in health insurance coverage is expected to drive growth in the online insurance market moving forward. Health insurance coverage involves an agreement where an insurer pays for a portion or all of a person's medical expenses in exchange for a premium. This growth is fueled by expanded government programs, subsidies, and heightened public awareness of healthcare importance due to recent health crises. Utilizing online insurance platforms for health coverage enables swift policy comparisons, streamlined application processes, and improved user accessibility. For example, according to the US Bureau of the Census in September 2023, approximately 92.1% of the population, or 304 million people, had health insurance at some point in 2022, marking an increase in both coverage rates and the number of insured individuals compared to 2021. This increase in health insurance coverage directly contributes to the expansion of the online insurance market.

Major companies in the online insurance sector are focusing on innovation to gain a competitive advantage. One notable trend is the development of AI-enabled chatbots for insurance settlement. These sophisticated software applications use artificial intelligence to assist policyholders and claimants throughout the insurance claims process. For instance, Policybazaar, an India-based insurance aggregator, launched an AI-enabled WhatsApp chatbot in February 2022 to automate and expedite claim settlements for corporate clients. This feature allows users to receive assistance with claim notifications, settlement details, and document uploads directly through WhatsApp.

In April 2023, InsuranceDekho, a digital insurance company in India, acquired Verak LLC to strengthen its presence in the online SME insurance market and expand its offerings in micro-business insurance schemes. Verak LLC, also based in India, specializes in online insurance services.

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.

North America was the largest region in the online insurance market in 2023. 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.

The countries covered in the online insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Online insurance refers to insurance services primarily conducted and managed through digital platforms and digital channels. It enables individuals and businesses to research, purchase, manage, and renew insurance policies online, eliminating the need for physical paperwork or in-person visits to insurance offices. Online insurance services are known for their convenience, ease of comparison, and faster processing times compared to traditional offline methods.

The main categories of online insurance include life insurance and non-life insurance. Life insurance provides financial protection to the beneficiaries of the insured individual in case of their death. Policies can have varying tenures such as less than 1 year, 10 years, 10-20 years, 20-30 years, or more than 30 years. Enterprises using online insurance services range from large corporations to small and medium-sized enterprises (SMEs). These services cater to a diverse range of applications including individuals, institutions, and others, serving various end users such as insurance companies, aggregators, third-party administrators, and brokers.

The online insurance market research report is one of a series of new reports that provides online insurance market statistics, including online insurance industry global market size, regional shares, competitors with a online insurance market share, detailed online insurance market segments, market trends and opportunities, and any further data you may need to thrive in the online insurance industry. This online insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The online insurance market includes revenues earned by entities by providing online auto insurance, online health insurance, online travel insurance, online pet insurance, online business insurance and cyber insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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