THE PERCENTAGE OF THE INDIAN MARKET THAT IS TAKEN UP BY ONLINE LIFE AND NON-LIFE INSURANCE

The article “India online insurance prognosis to 2019 – driven by internet expansion and web aggregator’s sector” provides a complete study of the online insurance business, including issues such as the size of the market by direct written premium and the number of policies that have been sold. The research includes both a comprehensive analysis of market segmentation as well as an examination of the various distribution channels. The research also includes a comprehensive overview of current trends and developments, a SWOT analysis, difficulties faced by the internet insurance sector, a comparison of web aggregators in the market, and a competitive landscape of the industry’s leading competitors. The discussion has also included looking into the future of the sector and making estimates for the future. The indian internet insurance industry is characterized by a large number of chances for aggregation websites and insurance firms to build their businesses and leverage on those prospects. The expansion of this industry has been propelled forward by insurance companies’ efforts to investigate the viability of cutting-edge technologies that are user-friendly, affordable, transportable, and independent of external power sources. These companies have targeted their new insurance offerings specifically toward consumers who make their purchases online. Because more consumers are expecting better insurance products with exceptional characteristics of premium, cover, and claim refunds, insurance businesses and aggregation websites have an urgent need for technology developments and cost-effective solutions. The new irda compliances, which offer comparison between insurance policies with fair information and are cost efficient as a result of increased competition, have become a primary issue for online aggregators in India. Additionally, issues around the acquisition of funding and channel disputes have been important obstacles to overcome in this sector. Despite the fact that the increased internet penetration in India has contributed to an improvement in the online insurance penetration, there has been a consistent demand for plans pertaining to health, travel, vehicle, and term insurance. During the period from fy’2009 to fy’2014, the market for online insurance in India achieved a compound annual growth rate of 88.3 percent, indicating that it has seen exponential expansion over the last several years. The online direct written premium is now inr million, which is a rise from the previous level of inr million in the fiscal year 2009. Web aggregators have the largest part of the industry, followed by insurance firms that offer their products directly over the internet. In the financial year 2014, online aggregators had a market share of % of the total size of the market and reported sales of % of policies. The primary web aggregators that promote and sell policies online are known as policybazaar.com, myinsuranceclub.com, and insuringindia.com, respectively. These aggregators provide customers with the ability to evaluate and purchase a portfolio of insurance policies offered by major providers. The amount of premium that was collected by policybazaar.com in fy’2014 was million Indian rupees (INR). This was followed by myinsuranceclub.com and insuringindia.com, which each collected one million and one million Indian rupees (INR) in premiums in 2014. websites such as buysmartpolicy.com, easypolicy.com, and policymantra.com Additional online aggregators available on the market include sastapolicy.com and policyx.com. When it comes to insurance firms who offer their plans online, hdfc life is now the industry leader. In 2014, hdfc Life sold insurance with a total value of inr million worth of premiums. The companies aegon religare life insurance, aviva life, and icici prudential life insurance are three of the major participants in the insurance industry that provide customers with the ability to buy life insurance policies online. Along with growing levels of population disposable income, higher internet penetration will be a key factor in the continued growth of India’s online insurance business in the coming years. It is anticipated that the market will expand at a compound annual growth rate of 65.8 percent from fy’2014 to fy’2019, and it is anticipated that the market will reach inr million by fy’2019. • market segmentation of india online insurance market by life and non life insurance products • market size of india online insurance market by direct writing premium, number of policies sold • distribution channels for life and non life insurance products • major subjects addressed in the study • current advancements and trends in the online insurance market •macroeconomic parameters affecting india online insurance market •major growth drivers of the online insurance market •swot analysis of the online insurance market in india •regulatory framework in the online insurance market in india •market share of major web aggregators and insurance companies •competitive landscape of major players in the online insurance industry •future outlook and projections of the india online insurance market source: india online insurance report 2014-2019 contact ken research information for more information

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