The publication titled ‘India
Web Insurance Aggregator Industry Outlook to 2024’ 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 (Online Market 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
For More Information on the research
report, refer to below link:-
Related Reports:-
No comments:
Post a Comment