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India Online Insurance Outlook to 2019

Driven by Internet Growth and Web Aggregators Industry

Region:Asia

Product Code:KR261

Download Sample Report
Published On

October 2014

Total pages

82

About the Report

The report titled “India Online Insurance Outlook to 2019 – Driven by Internet Growth and Web Aggregator’s Industry” presents a comprehensive analysis of the online insurance industry covering aspects including market size by Direct Written Premium and number of policies sold. A detailed analysis of market segmentation along with the channels of distribution has been listed in the report. The report also entails a detailed description on the recent trends and developments, SWOT analysis; issues faced by the online insurance industry, Comparison of Web Aggregators in the market and competitive landscape of major players in the industry. Future Prospects of the industry along with future projections have also been discussed.
The Indian online insurance market is characterized by numerous opportunities for the Aggregation Websites and Insurance companies to capitalize and grow. The introduction of new insurance products especially for online buyers by the insurance companies aiming to explore the possibility of innovative technologies that are simple to use, cost-effective, portable, and power-independent has been driving the growth of this sector. With a greater number of people demanding better insurance products with excellent features of premium, cover, and claim returns, technological advancements, and cost-effective products become an imperative need for Insurance Companies and Aggregation Websites. The new IRDA compliances which provide a comparison between the insurance products with unbiased information and are cost-effective due to rising competition have become a key concern for Web Aggregators in India. Additionally, fundraising concerns and channel conflicts have also been a major challenge in this market. Although the high internet penetration in India has helped in improving the online insurance penetration, plans for Health, Travel, Motor, and Term insurance has been in constant demand.
The market for online insurance in India has witnessed exponential growth over the last few years and registered a CAGR of ~% over the period FY’2009-FY’2014. The online direct written premium has increased from INR ~ million in FY’2009 to INR ~ million in FY’2014. The major portion of the market is shared by Web Aggregators followed by Insurance companies that are directly selling the policies online. Web aggregators held a share of ~% in the overall market size in FY’2014 and recorded sales of ~ policies.
PolicyBazaar.com, MyInsuranceClub.com, and InsuringIndia.com are the major Web Aggregators which market and sell policies online. These Aggregators offer a portfolio of insurance products of major companies which can be compared and bought. PolicyBazaar.com collected the premium of INR ~ million in FY’2014 followed by MyinsuranceClub.com and InsuringIndia.com which collected premiums of INR ~ million and INR ~ million in 2014 respectively. Easypolicy.com, Policymantra.com, BuySmartpolicy.com SastaPolicy.com, and PolicyX.com are other Web Aggregators in the market. HDFC Life is the leading player amongst the Insurance Companies selling policies online. HDFC Life sold ~ policies in 2014 worth INR ~ million premiums. AEGON RELIGARE Life Insurance, AVIVA Life, and ICICI Prudential Life Insurance are some key players in the Insurance market that offer life insurance products online.   
Increased Internet proliferation would be driving the future of India’s online insurance market, coupled with rising disposable income levels of the population. The market is predicted to grow at a CAGR of 65.8% from FY’2014-FY’2019 and is expected to cross INR ~ million by FY’2019. 
Key Topics Covered in the report:
  • Market Size of India Online Insurance Market by Direct Written Premium, Number of Policies sold 
  • Market Segmentation of India online insurance market by Life and Non-Life insurance products; Distribution channels
  • Trends and Developments in Online Insurance Market
  • Major Growth Drivers of Online Insurance Market
  • SWOT Analysis of 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 Online Insurance industry 
  • Future Outlook and Projections of India Online Insurance Market
  • Macro-Economic Parameters affecting India Online Insurance Market

Products

Life Insurance, Motor Insurance, Health Insurance, General Insurance

Companies

PolicyBazaar.com, MyInsuranceClub.com, InsuringIndia.com, Easypolicy.com, Buysmartpolicy.com, PolicyMantra.com, PolicyX.com, Sastapolicy.com

Table of Contents

1. India Insurance Market Introduction

Pre-Liberalization Period

Post Liberalization period-Formation of IRDA

Current Market Scenario- FY'2013-FY'2014

India Insurance Market- An Overview of the Insurance Products

2. India Online Insurance Market Introduction

Evolution of Internet and Online Services

Inception of Online Insurance

Current Market Scenario

Growth Potential of the Online Insurance Market

2.1. Value Chain of India Online Insurance Market

3. India Online Insurance Market Size FY'2009 - FY'2014

3.1. By Premium Collected, FY'2009-FY'2014

3.2. By Number of Policies Sold, FY'2009 - FY'2014

4. Online Insurance in India Market Segmentation, FY'2014

4.1. By Type of Insurance (Life and Non Life Insurance), FY'2014

4.2. By Type of Distribution Channels (Web aggregators and insurance companies), FY'2014

4.2.1. By Number of Policies Sold, FY'2014

4.3. By Types of Cities (Tier-1, Tier-2 and Tier-3), FY'2014

5. Trends and Developments and their impact in India Online Insurance Market

Demand for Online Insurance

Thriving Internet Penetration and Awareness

Rising Health Concerns and Natural Calamities

Surging Reinsurance Business

Introduction of Models- Insurance Gurukul

Mounting importance of Travel Insurance

6. Major Growth Drivers in Online Insurance market in India

Internet Growth and Impact

Emergence of Do It Yourself Generation

Surging Business of Web Aggregators

7. Major Challenges and Entry Barriers in India Online Insurance market in India

IRDA Approval Compliances

Faceless Nature of Online Distribution

Fund Raising Concerns

Difficult Payment Terms

Channel Conflicts

8. SWOT Analysis of India Online Insurance Market in India

Strengths

Weaknesses

Opportunities

Threats

9. Regulatory Framework in India Online Insurance market in India

10. Market Share of Major Players in Online Insurance Market in India

10.1. By Number of Policies Sold, FY'2014

10.2. By Premium Collected, FY'2014

11. Company Profiles of Major Players in India Online Insurance Market

12. India Online Insurance Market Outlook and Projections, FY'2014 - FY'2019

12.1. By Premium Collected, FY'2014 - FY'2019

12.2. By Number of Policies Sold, FY'2014 - FY'2019

12.3. Cause and Effect Relationship Between Dependent And Independent Factors Prevailing in India Online Insurance Market

13. Macroeconomic and Industry Factors in India Online Insurance Market, FY'2009-FY'2019

13.1. Internet Users in India, CY'2009-CY'2019

13.2. Personal Disposable Income in India, FY'2009-FY'2019

13.3. Middle Class Population in India, FY'2009-FY'2018

13.4. FDI in India's Services Sector, FY'2009-FY'2019

13.5. Sales and Shipments of Smartphones in India

13.6. India Ecommerce Market Size by Gross Merchandize Value, CY'2009-CY'2019

14. Appendix

14.1. Market Definition

14.2. Abbreviations

14.3. Research Methodology

Data Collection Methods

Approach and Assumptions

Variables (Dependent and Independent)

Final Conclusion

14.4. Disclaimer

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