India Online Insurance Market is Expected to be Driven by Internet Growth and Web Aggregator’s Segment

October 2014  

Online Insurance market in India will continue to grow at a considerable pace in the next few years with addition of new web aggregators and internet proliferation in different regions in the country, thus easing the access to insurance products. The market is predicted to grow at a CAGR of more than 50% from FY’2014-FY’2019 and is expected to cross over INR 80 billion by FY’2019. Owing to the large market size of E-commerce and high internet penetration, the future of the industry is predicted to be driven by digitalization. Surging Web Aggregators business, high internet penetration, insurance penetration, increased capping in FDI in insurance sector will steer the growth of the industry in the future. The introduction of new insurance products especially for online buyers by the insurance companies aiming to explore the possibility of innovative technologies which are simple to use, cost-effective, portable and power-independent is expected to drive the market growth in the future.

 
Furthermore, with new upcoming technologies such as e-insurance and ‘IRDA connects’, the awareness for buying insurance products would increase and investments in Web Aggregators would further rise with a focus on bringing different products of major insurance companies under one platform. The number of mobile and Internet users in India have also been witnessing an increasing trend, hence new business models which are emerging in this space are expected to gain acceptance. 
 
According to an industry veteran, “the opportunity in Online insurance in India is huge with no limitation through the reach of internet, which has given the opportunity to the customers to not only be aware of what they are buying but also enabling them to underwrite insurance products directly from the web.”
 
The report titled “India Online Insurance Market Outlook to FY’2019” provides detailed overview on the Online Insurance Market and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, insurers, Web Aggregators and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
 
Companies Covered in the Report
Web Aggregators
- PoilcyBazzar.com
- MyInsuranceClub.com
- InsuringIndia.com
- PolicyMantra.com
- EasyPolicy.com
- BuySmartPolicy.com
 
Insurance Companies (Life and Non Life)
- HDFC Life
- Aegon Religare
- Aviva Life
- ICICI Prudential Life
 
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