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India Web Insurance Aggregator Outlook to 2024

Challenging Incumbent Distribution Channels of Insurance Products

Region:Asia

Author(s):Lakshay Aggarwal

Product Code:KR949

Download Sample Report
Published On

January 2020

Total pages

34

About the Report

The publication titled "India Web Insurance Aggregator Outlook to 2024 – Challenging Incumbent Distribution Channels of Insurance Products" decodes the shape of Insurance industry in India with a special focus placed on web aggregator mode of distribution and its fast pace growth in the past few years. In addition to the different business models followed by aggregator firms, the report also covers the current landscape of aggregator industry basis revenue, premium collection, penetration rate with respect to overall insurance industry. It also includes the extensive competition benchmarking of industry by cross-comparing peer companies across operational, segment wise premium collection, profitability and financial parameters, includes company profiles of top players and defines customer acquisition cost of top players and at industry level. The role of changing regulations by IRDA, prevailing trends in industry and capturing issues faced by current players has also been showcased to evaluate the future outlook of industry.
Analysts at Ken Research have estimated the total addressable market for different insurance products including Motor, Health and Term Life and have suggested that profitability should be a key concern for aggregator firms and investors while expanding the business for acquiring new customers and serving with enhanced insurance products.
The report concludes with full interviews conducted with Mr. Mahavir Chopra, Chief Business Officer at Coverfox and Mr. Naval Goel, Chief Executive Officer at PolicyX.

 

Insurance Industry in India and Role of Aggregators
Insurance GWP collection of India reached USD 97.4 Billion in FY’2019, taking the insurance penetration to 3.7%, lagging behind most of the emerging Asian Economies wit h around 5.6% of penetration. The growth is majorly led by non-life insurance products including Motor and Health owing to initiatives led by government in terms of amending Motor Vehicles Act, 2019 and rising awareness among population for covering the unforeseen risks. Introduction of Web Aggregator Platforms have fostered the need for comparison of different products at a single place, helping customers in making an informed choice. During FY’2019, aggregator firms contributed less than 1% to total GWP collection in India, depicting high growth over past few years yet potential for more to meet European standards.
Different Business Strategies of Players to Up-Ante their Game
While PolicyBazaar continues to be the pioneer in the industry, Coverfox Broking Limited has positioned itself to being an Omni-channel provider of service through their ‘more than 50,000 insurance agents registered on ‘Coverdrive’ segment. In a similar fashion, Bootstrapped PolicyX continues to strengthen its cost leadership by having lowest customer acquisition cost among industry peers. Targeting similar audience, aggregators generally compete on Platform Service, Telemarketing Assistance, Product Portfolio and Partnership with Insurance Providers.
Focus on Rapidly Evolving Customer Behavior
The demand of customers is no longer limited to traditional products of Motor, Health and Term Life and is gradually evolving to risks experienced in domains including cyber, intellectual property, renters, travel, home and contents, business, pet and others. Aggregators need to work hard with Insurance providers to underwrite such risks and simultaneously making efforts to spread awareness among the Tier II and Tier III cities of India. Aggregator firms could also emphasize upon rewarding customers upon fulfillment of precautionary measures specified for each insurance product.
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

Products

The report concludes with full interviews conducted with Mr. Mahavir Chopra, Chief Business Officer at Coverfox and Mr. Naval Goel, Chief Executive Officer at PolicyX.

Companies

Companies Covered:
  • Policy Bazaar
  • CoverFox
  • EasyPolicy
  • PolicyX
  • ET Insure
  • Compare Policy

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

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