Global Life Insurance Providers Market Trends And Strategies Of Major Players In The Life Insurance Providers Market 2021-2030
12 Mar, 2021
The life insurance providers market consists of sale of life insurance policies. Life insurance providers enter into a legal contract with the insurance policy holder, where the insurer (life insurance provider) promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. The life insurance providers are primarily engaged in the pooling of risk by underwriting insurance (that is, assuming the risk and assigning premiums) and annuities.
Global Life Insurance Providers Market Size And Drivers:
The global life insurance providers market is expected to grow at CAGR of 3% from 2021 and reach $1.72 trillion in 2023.
The rise in disposable income in emerging countries such as India and China is expected to drive the life insurance providers market.
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Trends In The Global Life Insurance Providers Market
Robotic process automation and artificial intelligence have transformed the way in which business is done in the insurance industry. Robotic process automation and artificial intelligence are being used in the life insurance industry to accurately predict outcomes, improve customer service, guide the development of new products, detect risks and cross-promote products. For example, Aditya Birla Sun Life Insurance launched DISHA 2.0, an upgraded AI-Enabled ChatBot in 2018 to navigate personalized solutions for life insurance choices. These technological developments will enhance the customer experience and will drive the market.
Global Life Insurance Providers Market Segments:
The global life insurance providers market is further segmented based on type, application and geography.
By Type: Term Life Insurance, Whole Life Insurance, Variable Life Insurance, Equity Indexed Life Insurance, Accidental Death Insurance, Other Life Insurance.
By Application: Agency, Brokers, Bancassurance, Digital & Direct Channels.
By Capacity: Small, Medium, Large.
By Mode: Online, Offline.
By Geography: The global life insurance providers market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, North America is the largest region in the global life insurance provider market.
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Life Insurance Providers Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides life insurance providers market overviews, analyzes and forecasts market size and growth for the global life insurance providers market, life insurance providers market share, life insurance providers market players, life insurance providers market segments and geographies, life insurance providers market’s leading competitors’ revenues, profiles and market shares. The life insurance providers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.