How Is The Global Online Insurance Market Defined?
Online insurance is a type of insurance service primarily conducted and managed through online platforms and digital channels. It allows individuals and businesses to research, purchase, manage, and renew insurance policies over the internet, without needing physical paperwork or in-person visits to insurance offices. Online insurance services typically offer convenience, ease of comparison, and faster processing times compared to traditional offline methods.
Online Insurance Global Market Report 2024 provides data on the global online insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The online insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Online Insurance Market Projected?
The online insurance market has experienced exponential growth, increasing from $80.60 billion in 2023 to $98.76 billion in 2024 at a CAGR of 22.5%. Historical growth was fueled by rising digitalization, reduced operational costs, discounted premiums, high internet penetration, and a shift from traditional to online insurance services. The market is expected to reach $225.58 billion in 2028 at a CAGR of 22.9%, driven by increased mobile and internet usage, growing demand for online insurance purchases, convenience, and greater awareness of health coverage benefits. Key trends include the adoption of Internet of Things technology, personalized insurance products, mobile apps and AI integration, consumer-centric strategies, and the rise of InsurTech.
What Are The Primary Growth Drivers In The Online Insurance Market?
The expansion of health insurance coverage is expected to bolster the online insurance market. Health insurance, which ensures partial or full coverage of healthcare costs in exchange for a premium, has seen increased uptake due to government programs, subsidies, and growing awareness of healthcare needs following recent global health crises. Online platforms facilitate seamless policy comparisons, streamlined applications, and enhanced accessibility. For instance, as reported by the Bureau of the Census in September 2023, approximately 92.1% of the U.S. population, or 304.0 million people, had health insurance coverage in 2022, up from 91.7% in 2021. This expansion in coverage is contributing to the growth of the online insurance market.
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What Is The Segmentation Of The Global Online Insurance Market?
The online insurance market covered in this report is segmented –
1) By Type: Life Insurance, Non-Life Insurance
2) By Tenure: Less Than 1 Year, 10 Years, 10-20 Years, 20-30 Years, More Than 30 Years
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Individual, Institution, Other Applications
5) By End User: Insurance Companies, Aggregators, Third Party Administrators And Brokers
What Emerging Trends Are Shaping The Template Online Insurance Market Landscape?
Major organizations in the online insurance market are leveraging technologies like AI-enabled chatbots to streamline the insurance settlement process. These chatbots use artificial intelligence to assist users in filing and managing claims efficiently. For example, in February 2022, Policybazaar, an Indian insurance aggregator, launched an AI-enabled WhatsApp chatbot to automate claim settlements for corporate clients. This feature allows users to notify claims, upload required documents, and receive guidance directly through WhatsApp, enhancing convenience and speed.
Which Region Has The Fastest Expansion In The Online Insurance Market?
North America was the largest region in the online insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
