India Web Insurance Aggregator Outlook to 2024

Table of Contents

1. Executive Summary

2. Research Methodology
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Sizing and Modeling
2.4. Consolidated Research Approach
2.5.Market Sizing Aproach–India Web Insurance Aggregator Industry
2.6.Sample Size Inclusion Table
2.7.Limitations
2.8.Final Conclusion

3. India Web Insurance Aggregator Industry
3.1. Business Model of India Web Insurance Aggregator Market
Online Aggregators
Online Brokers
3.2. What an Ideal Customer Looks like?
3.2.1. Customer Preferred Platform for Interaction
Understanding Insurance Product
Buying Insurance Product
Servicing Requirements
Insurance Claim Procedures
3.3. Insurance Industry in India
3.4. India Web Insurance Aggregator Market Overview
3.5. India Web Insurance Aggregator Industry Size, FY’2016-FY’2019
Revenue
Premium collection
3.6. India Web Insurance Aggregator Industry Segmentation Basis Type of Insurance Product
Segmentation of Non-Life Insurance Products Including Motor, Health and Others
3.7. Regulations for Web Aggregators in India Market

4. Competitive Landscape of Web Insurance Aggregators in India
Market Share basis Revenue, FY’2019
Market Share basis Premium Collection, FY’2019
4.1.1. Company Profiles of Major Players in India Online Insurance Aggregator Market
PolicyBazaar Insurance Web Aggregator
Coverfox Broking Limited
Easypolicy Insurance Web Aggregator
PolicyX Web Insurance Aggregator
4.1.2. Cross-Comparison of Major Players
Operational Parameters
Product Wise Premium Collection
Customer Acquisition Cost
Profitability Parameters
Funding Disclosures

5. Issues and Challenges in India Web Insurance Aggregator Industry
5.1.Competition from Traditional Brokers
5.2.Lack of Usage for Online Payment Modes
5.3.Dominance of Car Dealerships
5.4.Missing Trust Factor
5.5.Lack of Marketing Efforts by Insurance Providers
5.6.Renewal Rates
5.7.Using Aggregators For Only Comparison

6. Trends and Developments in India Web Insurance Aggregator Industry
6.1.POS Model of Insurance Distribution
6.2.Entry of Foreign Investors
6.3.Motor Vehicles Amendment ACT, 2019
6.4.Rising Millennial Population

7. Future Outlook of Web Insurance Aggregators in India, FY’2019-FY’2024E
7.1. Industry Future Projections, FY’2019-FY’2024
Revenue
Premium Collection
7.2. Total Addressable Market for Different Insurance Products
Motor Insurance
Health Insurance
7.3. Industry Segmentation Basis Type of Insurance Products, FY’2019-FY’2024E
Future Segmentation of Non-Life Insurance Products, FY’2019-FY’2024

8. Analyst Recommendations in India Web Insurance Aggregator Market
8.1.Industry Positioning
8.2.Employee Retention
8.3.Cost Efficiency
8.4.Extensive Product Portfolio
8.5.Advanced Customer Interaction

9. Industry Speaks
9.1. Interview with Mahavir Chopra, Chief Business Officer at Coverfox
9.2. Interview with Naval Goel, CEO at PolicyX

Disclaimer

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List of Figure

Figure 1-1: Executive Summary of India Web Insurance Aggregator Industry Outlook to FY’2024
Figure 3-1: Business Model of Web Insurance Aggregators in India, 2019
Figure 3-2: Business Model of Online Insurance Brokers in India, 2019
Figure 3-3: Representation of Customer Profile in India Web Insurance Aggregator Industry, 2019
Figure 3-4: Different Distribution Mode preferred by Customers for Understanding the Insurance Product, 2019
Figure 3-5: Different Distribution Mode preferred by Customers for Buying the Insurance Product, 2019
Figure 3-6: Different Distribution Mode preferred by Customers for Servicing Requirements such as Queries, Complaints Account Details and Modifications, 2019
Figure 3-7: Different Distribution Mode preferred by Customers for Generating Insurance Claim Requests, 2019
Figure 3-8: Insurance Density in USD and Insurance Penetration in Percentage of India during FY’2011-FY’2019
Figure 3-9: Gross Written Premium by Insurance Providers in USD Million in India during FY’2015-FY’2019
Figure 3-10: Classification of Gross Written Premium basis Life Insurance, Motor Insurance, Health Insurance and Others in India in Percentage, during FY’2015-FY’2019
Figure 3-11: Classification of Total Number of New Policies Issued basis Life and Non-Life Insurance Policies in India in Percentage, during FY’2014-FY’2019
Figure 3-11: Distribution Mode of Insurance Products in Insurance Industry on the Basis of GWP in Percentage, FY’2019
Figure 3-12: Distribution Mode of Insurance Products in Insurance Industry basis Number of Policies Sold in Percentage, FY’2019
Figure 3-13: Market Size of India Web Insurance Aggregator Industry on the basis of Revenue in USD Million, FY’2016-FY’2019
Figure 3-14: Market Size of India Web Insurance Aggregator Industry on the basis of Premium Collection in USD Million, FY’2018-FY’2019
Figure 3-15: India Web Insurance Aggregator Industry Segmentation on the basis of Type of Insurance Products including Term Life and Non-Life Insurance on the basis of Premium Collected in USD Million in FY’2019
Figure 3-16: Segmentation of Non-Life Premium Collected by Insurance Web Aggregators on the Basis of Motor, Health and Others in Percentage (%), FY’2019
Figure 4-1: Market Share of Major Players in India Web Insurance Aggregators Market on the Basis of Revenues in Percentage (%), FY’2019
Figure 4-2: Market Share of Major Players on the basis of Premium Collected in India Web Insurance Aggregators Market in Percentage in India, FY’2019
Figure 4-3: Revenue of PolicyBazaar in USD Million during FY’2016-FY’2019
Figure 4-4: Split of Revenue by Type of Source in USD Million during FY’2018 and FY’2019
Figure 4-5: Revenue Split of PolicyBazaar on the basis of Type of Insurance including Life Insurance and Non-Life Insurance in Percentage in FY’2018
Figure 4-6: Split of Revenue of Coverfox Broking Limited in Percentage during FY’2019
Figure 4-7: Revenue of Coverfox Broking Limited in USD Million, FY’2016-FY’2019
Figure 4-8: Net Profit Margin in Percentage, FY’2016-FY’2019
Figure 4-9: Total Revenue of Easypolicy in USD Million, FY’2016-FY’2019
Figure 4-10: Net Profit Margin in Percentage, FY’2016-FY’2019
Figure 4-11: Total Revenue of PolicyX in USD Million, FY’2016-FY’2019
Figure 4-12: Net Profit Margin in Percentage, FY’2016-FY’2019
Figure 4-13: Cross Comparison of Major Players in India Web Insurance Aggregator Market on the basis of Product Wise Premium Collection in Percentage for the year ending FY’2019
Figure 4-14: Trend of Industry Customer Acquisition Cost in India Web Insurance Aggregator Industry during FY’2016-FY’2019.
Figure 5-1: Number of Individual Agents in India Web Insurance Aggregator Industry as at 31st March, FY’2014-FY’2019
Figure 6-1: Number of Millennial Population in Million during FY’2014-FY’2024E
Figure 7-1: Gross Written Premium of Insurance in USD Billion in India during FY’2019-FY’2024E
Figure 7-2: Future Projections of India Web Insurance Aggregator on the Basis of Revenue in USD Million, FY’2019-FY’2024E
Figure 7-3: Future Projections of India Web Insurance Aggregator Market on the Basis of Premium Collection in USD Million, FY’2019-FY’2024E
Figure 7-4: Estimated Annual Sales of Passenger and Commercial Vehicles in India in Million Units, FY’2019-FY’2024E
Figure 7-5: Estimated Annual Sales of Two Wheeler Vehicles in India in Million Units, FY’2019-FY’2024E
Figure 7-6: Out of Pocket Expenditure on Healthcare in India in USD Billion, FY’2014-FY’2021E
Figure 7-7: Future Segmentation of Non-Life Premium Collected by Insurance Web Aggregators on the basis of Motor, Health and Others in Percentage, FY’2019-FY’2024E

List of Table

Table 2-1: Consolidated Research Approach for India Web Insurance Aggregator Market
Table 2-2: Sample Size Inclusion Table Including Web Aggregator Firms, Insurance Seekers and other Industry Experts
Table 2-3: Sample Size Inclusion Table Including Respondent Category and Percentage of Sample Size
Table 2-4: Tentative Set of Questions Asked by Mode of Entities and Desired Outcome
Table 3-1: Business Model of Web Aggregators in India Web Insurance Aggregator Industry, FY’2019
Table 3-2: Business Model of Online Brokers in India Web Insurance Aggregator Industry, FY’2019
Table 3-3: Snapshot on Insurance Industry in India including Overview, Insurance Products, Distribution Mode, Commission Expenses, Claim Benefits, Competitive Landscape and Recent Developments
Table 3-4: Insurance Density in USD and Insurance Penetration in Percentage of India with respect to Life and Non-Life Insurance segments as at end of FY’2019
Table 3-5: Insurance Infrastructure in India as at 31st March 2019
Table 3-6: Classification of Gross Written Premium basis Life Insurance, Motor Insurance, Health Insurance and Others in India in USD Billion, during FY’2015-FY’2019
Table 3-7: Classification of Total Number of New Policies Issued basis Life and Non-Life Insurance Policies in Million, during FY’2014-FY’2019
Table 3-7: Commission Expenses and Claim Benefits Paid in USD Million by Life Insurance Providers in FY’2018 and FY’2019
Table 3-8: Industry Commission Expenses from all Insurance Products and Web Aggregator Revenue in USD Million, FY’ 2019
Table 3-9: Segmentation of Premium Collected by Insurance Web Aggregators on the basis of Life and Non-Life in USD Million, FY’2019
Table 3-10: Segmentation of Non-Life Premium Collected by Insurance Web Aggregators on the basis of Motor, Health and Others in USD Million, FY’2019
Table 3-11: Regulations for Insurance Web Aggregators as specified by IRDA (Insurance Web Aggregators) Regulations, 2017
Table 3-12: Maximum Commission Charges payable to Web Aggregators by Insurance Providers as specified in IRDA (Insurance Web Aggregators) Regulations, 2017
Table 3-13: Key Changes Made in the regulations by IRDA in 2017 with respect to Regulations in 2013
Table 4-1: Competitive Landscape of Web Insurance Aggregators in India Including Nature of Competition, Major Competing Parameters and Business Sustainability, FY’2019
Table 4-2: List of all Players in India Web Insurance Aggregator Industry including Certificate Code, Name of the Player and Registration Period as at 31st October 2019
Table 4-4: Market Share of Major Players in India Web Insurance Aggregators Market on the Basis of Revenues in USD Million, FY’2019
Table 4-5: Market Share of Major Players on the basis of Premium Collection in India Web Insurance Aggregators Market in USD Million, FY’2019
Table 4-6: Company Profile of PolicyBazaar including Company Overview, Product Range, Business Model, Business Strategy, Number of Employees, Advertisement Expenditure, Revenue Streams and Recent Developments, 2019
Table 4-7: Cross Matrix of Revenue Collection by Type of Source including Telemarketing, Outsourcing, Rewards and Product listing vis-à-vis Type of Insurance Product including Life and Non-Life Insurance in USD Million during FY’2018
Table 4-8: Company Profile of Coverfox Broking Limited including Company Overview, Product Range, Business Model, Business Strategy, Number of Employees, Advertisement Expenditure, Revenue Streams and Recent Developments, 2019
Table 4-9: Revenue of Coverfox Broking Limited in USD Million, FY’2019
Table 4-10: Top 5 Highest Commission Paying Insurance Providers to Coverfox in USD Thousands during FY’2019
Table 4-11: Company Profile of Easypolicy including Company Overview, Product Range, Business Model, Number of Employees, Advertisement Expenditure, Revenue Streams and Recent Developments, 2019
Table 4-12: Company Profile of PolicyX including Company Overview, Product Range, Business Model, Business Strategy, Number of Employees, Advertisement Campaign and Revenue, 2019
Table 4-13: Cross Comparison of Major Players in India Web Insurance Aggregator Market on the basis of Revenue earned in FY’2018 and FY’2019, Premium Collected in FY’2018 and FY’2019, Average Daily Traffic on Platform, Average Daily Number of Leads, Lead Generation Rate, Total Number of Employees as at 31st October 2019, Number of Telesales Representatives, Average Monthly Salary of a Telesales Representative (CTC in USD per month), Number of Partner Insurance Providers, Highest Paying Insurer in FY’2018 and FY’2019
Table 4-14: Cross Comparison of Major Players in India Web Insurance Aggregator Market on the basis of Product Wise Premium Collection in USD Million for the year ending FY’2019
Table 4-15: Cross Comparison of Major Players in India Web Insurance Aggregator Market on the basis of Customer Acquisition Cost including Average Number of Daily Leads, Conversion Rate, Average Monthly Number of Policies Sold, Advertisement Expense in USD Million, Software Expense in USD Million, Communication Expense in USD Million, Employee Benefit Expenses in USD Million and Customer Acquisition Cost*, 2019
Table 4-16: Cross Comparison of Major Players in India Web Insurance Aggregator Market on the basis of Profitability Parameters including Total Revenue in USD Million, PAT (USD Million), Net Profit Margin in Percentage (%) and Return on Assets in Percentage (%), FY’2019
Table 4-17: Cross Comparison of Major Players in India Web Insurance Aggregator Industry on the basis of Revenue, Total Funded Amount, Level of Funding and Details of Investors, 2019
Table 7-1: Insurance GWP, GWP Collection by Web Aggregators in USD Billion in India and Penetration rate in Percentage, FY’ 2024E
Table 7-1: Estimation of Total Addressable Premium Collection and Commission Income in USD Million from New Sales of Motor Vehicles including Passenger Vehicles, Commercial Vehicles and Two Wheeler Sales during FY’2020E-FY’2024E
Table 7-2: Trends Governing the Health Insurance Industry in India, 2017
Table 7-3: India Web Insurance Aggregator Industry Segmentation on the basis of Type of Insurance Products including Life Insurance and Non-Life Insurance on the basis of Premium Collected in USD Million during FY’2019-FY’2024E
Table 7-4: Future Industry Segmentation of Premium Collected by Web Aggregators on the basis of Life Insurance and Non-Life Insurance in USD Million, FY’2019-FY’2024E
Table 7-5: Segmentation of Non-Life Premium Collected by Insurance Web Aggregators on the basis of Motor, Health and Others in USD Million, FY’2019-FY’2024E
Table 8-1: Estimated Key Variables by FY’2024 for India Web Insurance Aggregator Industry