India Online Insurance Outlook to 2019 - Driven by Internet Growth and Web Aggregators Industry
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 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 which are simple to use, cost-effective, portable and power-independent has been driving the growth of this sector. With 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 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 fund raising 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 an exponential growth over the last few years and registered a CAGR of 88.3% 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 which 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 premium 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 which 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
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 which are simple to use, cost-effective, portable and power-independent has been driving the growth of this sector. With 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 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 fund raising 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 an exponential growth over the last few years and registered a CAGR of 88.3% 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 which 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 premium 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 which 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
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
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
LIST OF FIGURES
Figure 1: Online Insurance Aggregation Model and Lead Generation Conversion Process
Figure 2: Online Insurance Market Channels and Their Percentage Contribution to Direct Premium Underwritten
Figure 3: Online Insurance Market-Value Chain
Figure 4: India Online Insurance Market Size by Direct Written Premium in INR Million, FY’2009-FY’2014
Figure 5: India Online Insurance Market Size by Number of Policies Sold Online, FY’2009-FY’2014
Figure 6: India Online Insurance Market Segmentation by Types of Policies Sold Online on the Basis of Contribution in Direct Written Premium in Percentage, FY’2014
Figure 7: India Online Insurance Market Segmentation by Web Aggregators and Insurance Companies on the Basis of Contribution in Direct Written Premium in Percentage (%), FY’2014
Figure 8: India Online Insurance Market Segmentation by Types of Cities-Tier1, Tier 2 and Tier 3 on the Basis of Contribution in Direct Written Premium in Percentage (%), FY’2014
Figure 9: Online Term Insurance Demand (Age Wise) by Enquiries
Figure 10: Online Health Insurance Products Market Share in Percentage
Figure 11: Percentage of Claimed and Active Internet users in India as on June 2014
Figure 12: Trends on Number of Internet Users in Million, CY’2009-CY’2014
Figure 13: General Insurance Corporation of India Reinsurance Premium Underwritten, FY’2009-FY’2013
Figure 14: India Online Insurance Market by Direct Written Premium in INR Million, FY’2015-FY’2019
Figure 15: India Online Insurance Market Future Projection of Number of Policies Sold, FY’2014-FY’2019
Figure 16: Number of Internet Users in India in Million, CY’2009-CY’2019
Figure 17: Personal Disposable Income in India in INR Million, FY’2009-FY’2014
Figure 18: Middle Class Population in India in Million, FY’2009-FY’2019
Figure 19: Foreign Direct Investment (FDI) Inflows in Service Sector in INR Million, FY’2009-FY’2019
Figure 20: E-Commerce Market Size by Gross Merchandize Value in India in INR Million, CY’2009-CY’2019
Figure 1: Online Insurance Aggregation Model and Lead Generation Conversion Process
Figure 2: Online Insurance Market Channels and Their Percentage Contribution to Direct Premium Underwritten
Figure 3: Online Insurance Market-Value Chain
Figure 4: India Online Insurance Market Size by Direct Written Premium in INR Million, FY’2009-FY’2014
Figure 5: India Online Insurance Market Size by Number of Policies Sold Online, FY’2009-FY’2014
Figure 6: India Online Insurance Market Segmentation by Types of Policies Sold Online on the Basis of Contribution in Direct Written Premium in Percentage, FY’2014
Figure 7: India Online Insurance Market Segmentation by Web Aggregators and Insurance Companies on the Basis of Contribution in Direct Written Premium in Percentage (%), FY’2014
Figure 8: India Online Insurance Market Segmentation by Types of Cities-Tier1, Tier 2 and Tier 3 on the Basis of Contribution in Direct Written Premium in Percentage (%), FY’2014
Figure 9: Online Term Insurance Demand (Age Wise) by Enquiries
Figure 10: Online Health Insurance Products Market Share in Percentage
Figure 11: Percentage of Claimed and Active Internet users in India as on June 2014
Figure 12: Trends on Number of Internet Users in Million, CY’2009-CY’2014
Figure 13: General Insurance Corporation of India Reinsurance Premium Underwritten, FY’2009-FY’2013
Figure 14: India Online Insurance Market by Direct Written Premium in INR Million, FY’2015-FY’2019
Figure 15: India Online Insurance Market Future Projection of Number of Policies Sold, FY’2014-FY’2019
Figure 16: Number of Internet Users in India in Million, CY’2009-CY’2019
Figure 17: Personal Disposable Income in India in INR Million, FY’2009-FY’2014
Figure 18: Middle Class Population in India in Million, FY’2009-FY’2019
Figure 19: Foreign Direct Investment (FDI) Inflows in Service Sector in INR Million, FY’2009-FY’2019
Figure 20: E-Commerce Market Size by Gross Merchandize Value in India in INR Million, CY’2009-CY’2019
LIST OF TABLES
Table 1: List of IRDA Approved Web Aggregators with the Period of Approval
Table 2: List of Major Life and Non Life Insurance Companies Selling Insurance Products Online
Table 3: India Online Insurance Market Segmentation by Types of Polices Sold Online on the Basis of Direct Written Premium in INR Million, FY’2014
Table 4: India Online Insurance Market Segmentation by Web Aggregators and Insurance Companies on the Basis of Direct Written Premium in INR Million, FY’2014
Table 5: India Online Insurance Market Segmentation by Tier 1, Tier 2 and Tier 3 Cities on the Basis of Direct Written Premium in INR Million, FY’2014
Table 6: Internet Users- Claimed and Active as on June 2014
Table 7: Major Natural Disasters in India
Table 8: Reinsurance Placed Within India and Outside India as Percent of Gross Direct Premium in India, FY’2012 and FY’2013
Table 9: Insurance Ceded Outside India on Indian Business
Table 10: Market Share of Major Players in India Online Insurance Market by Number of Polices Sold, in FY’2014
Table 11: Market Share of Major Players in Online Insurance Market by Direct Written Premium in INR Million, FY’2014
Table 12: Competitive Landscape of Major Companies in India Online Insurance Market
Table 13: Cause and Effect Relationship Analysis between Industry Factors and Expected Online Insurance Market Prospects
Table 14: Correlation Matrix of India Online Insurance Market
Table 15: Regression Coefficients Output
Table 1: List of IRDA Approved Web Aggregators with the Period of Approval
Table 2: List of Major Life and Non Life Insurance Companies Selling Insurance Products Online
Table 3: India Online Insurance Market Segmentation by Types of Polices Sold Online on the Basis of Direct Written Premium in INR Million, FY’2014
Table 4: India Online Insurance Market Segmentation by Web Aggregators and Insurance Companies on the Basis of Direct Written Premium in INR Million, FY’2014
Table 5: India Online Insurance Market Segmentation by Tier 1, Tier 2 and Tier 3 Cities on the Basis of Direct Written Premium in INR Million, FY’2014
Table 6: Internet Users- Claimed and Active as on June 2014
Table 7: Major Natural Disasters in India
Table 8: Reinsurance Placed Within India and Outside India as Percent of Gross Direct Premium in India, FY’2012 and FY’2013
Table 9: Insurance Ceded Outside India on Indian Business
Table 10: Market Share of Major Players in India Online Insurance Market by Number of Polices Sold, in FY’2014
Table 11: Market Share of Major Players in Online Insurance Market by Direct Written Premium in INR Million, FY’2014
Table 12: Competitive Landscape of Major Companies in India Online Insurance Market
Table 13: Cause and Effect Relationship Analysis between Industry Factors and Expected Online Insurance Market Prospects
Table 14: Correlation Matrix of India Online Insurance Market
Table 15: Regression Coefficients Output
