Indian Insurance Aggregator Industry expected to be worth $621 Mn by FY’24: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The insurance aggregator industry in India started with the introduction of PolicyBazaar in 2008 and as at 31st July 2020, there were 23 aggregators operating in the industry. Aggregators have proven to be an alternative distribution channel for insurance policies of motor, health, life, term life and other products; as they allow the customers to compare multiple policies from different insurance providers at the same time. Aggregators also act as a one-point customer representative for all their queries ranging from policy guidance to assisting in claim settlement. While earning 8-15% commission on sale of different policies is the major revenue stream, aggregators are struggling to achieve their overall profitability with loss margins reaching over 100% for some players in the industry. As at March 2019, the industry was valued at $54.5 Mn, achieving a growth of 91% compared to FY’2018. PolicyBazaar is the market leader; followed by Coverfox Broking, Easypolicy and others. Incumbents are leveraging their Omni-channel distribution (majorly through Agents in case of Online Brokers) to increase the traffic on website, leverage customer data and use it for cross-selling loans, investment in mutual funds and credit cards. For instance, PolicyBazaar through its sister company, PaisaBazaar is amplifying the cross-selling opportunities. Similarly, ETInsure is leveraging the established customer base of ETMoney (Loan/Investments platform). To beat the trade off between customer acquisition cost and average revenue attributable from policy sale, aggregators are focussing on expanding their reach domestically and internationally. For instance, Easypolicy merged with Quickbima to increase its presence in specific districts of Haryana while PolicyBazaar has commenced its operations in UAE and plans to expand to more countries internationally. While geographical expansion focuses on newer customer acquisition, aggregators must strive to increase the ticket size by creating value proposition for customer, post-sale of policy. Incumbents must strive to create a unified ecosystem within their platform offering location of hospitals, clinics, health wellness tracker, real-time tips for health/wellness improvement; rely on more content based marketing allowing customers to re-visit the platforms and replace employee/agent driven sale via chat-bots. Industry has also witnessed certain M&A deals and participation of foreign investors in various funding rounds of the players. For instance, PolicyBazaar plans to raise another $150 Mn in Q3 2020 and is eyeing an IPO by 2021; acquisition of MyInsuranceClub by Express Group etc. Ken Research expects the industry size to rise to $672 Mn by FY’2024 owing to shift towards online mediums due to outbreak of COVID-19, increasing awareness among customers to have safety net and investment backed trends. Time Period Captured in the Report:- Historical Period – FY’2016 – FY’2019 Forecast Period – FY’2019 – FY’2024E Companies Covered:- Policy Bazaar CoverFox EasyPolicy PolicyX ET Insure Compare Policy Key Topics Covered in the Report:- Snapshot on Insurance Industry in India Distribution of Insurance in India Overview of Insurance Web Aggregators Operating Business Models (Online broking V/s Online Aggregators) Regulations by IRDA for Web Aggregators India Web Insurance Aggregators Market Size India Web Insurance Aggregators Market Segmentation Competitive Landscape of Major Insurance Web Aggregators Cross Comparison of Major Players on Key Performance and Operational Indicators Key Trends and Developments India Web Insurance Aggregators Future Market Size India Web Insurance Aggregators Future Market Segmentation Total Addressable Market for the Players, FY’2019-FY’2024E Analyst Recommendations for New and Incumbent Players Interview with Mahavir Chopra, Chief Business Officer at Coverfox Insurance Interview with Naval Goel, CEO at PolicyX, India For More Information on the research report, refer to below link:- India Web Insurance Aggregator Market Related Reports:- India Online Insurance Outlook to 2019 – Driven by Internet Growth and Web Aggregators Industry Interview of Naval Goel, Chief Executive Officer at PolicyX.com on insights of the Web Insurance Aggregators Market in India: Ken Research Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications ankur@kenresearch.com +91-9015378249 Tags: Car Dealership Sales Insurance India, Compare Policy Web Insurance Aggregator Market, CoverFox Web Insurance Aggregator Market Shares, Covid-19 Impact on India Web Insurance Aggregator Industry, Covid-19 Impact on India Web Insurance Aggregator Market, EasyPolicy Web Insurance Aggregator Market Size, ET Insure Web Insurance Aggregator Market Revenue, Evaluation Of Project Analysis India Web Insurance Aggregator Market, Evaluation Report India Web Insurance Aggregator Market, Evaluation Summary Report India Web Insurance Aggregator Market, Evaluative Research Questions India Web Insurance Aggregator Market, Evaluative Survey India Web Insurance Aggregator Market, India GWP Insurance Market, India Health insurance Market, India Motor Insurance Market, India Online Distribution of Insurance, India Online life Insurance Market, India online Non Life Insurance Market, India Penetration Aggregators Insurance Market, India Web Insurance Aggregator Competition Benchmarking Market, India Web Insurance Aggregator Industry, India Web Insurance Aggregator Industry Research Report, India Web Insurance Aggregator Market, India Web Insurance Aggregator Market Analysis, India Web Insurance Aggregator Market Competition, India Web Insurance Aggregator Market Evaluation Study, India Web Insurance Aggregator Market Forecast, India Web Insurance Aggregator Market Forecast Analysis, India Web Insurance Aggregator Market Future Outlook, India Web Insurance Aggregator Market Growth, India Web Insurance Aggregator Market Major Players, India Web Insurance Aggregator Market Pricing Analysis, India Web Insurance Aggregator Market Research Report, India Web Insurance Aggregator Market Revenue, India Web Insurance Aggregator Market Shares, India Web Insurance Aggregator Market Size, India Web Insurance Aggregator Market Trends, Industry Research Report Of India Web Insurance Aggregator, Insurance Penetration and Density in India, Insurance Penetration in India, IRDA Regulations Aggregators India, Market Research Report Of India Web Insurance Aggregator, Millennial Population in India, Online Brokers in India, Policy Bazaar Web Insurance Aggregator Market Revenue, PolicyX Web Insurance Aggregator Market Sales, Social Evaluation Research India Web Insurance Aggregator Market, Web Insurance Aggregator Industry In India, Web Insurance Aggregator Market In India, Write An Evaluation Report On India Web Insurance Aggregator Market, Yearly GWP Collection by PolicyBazaar