市場調查報告書
商品編碼
1559214
全球線上保險市場評估:依產品類型、通路、合約期限、保單期限、客戶類型、地區、機會、預測,2017-2031年Online Insurance Market Assessment, By Product Type, By Distribution Channel, By Tenure, By Policy Term, By Customer Type, By Region, Opportunities and Forecast, 2017-2031F |
全球線上保險市場規模預計將從2023年的316.8億美元成長到2031年的691.5億美元,2024-2031年預測期內年複合成長率為 10.25%。有幾個相互關聯的因素推動了線上保險市場的快速成長,並改變該行業的面貌和結構。隨著網路在全球的普及,消費者日益轉向數位平台來滿足他們的保險需求,並逐漸體會到線上交易的便利性和速度。同時,技術創新借助行動應用、人工智慧和巨量資料分析,透過無縫比較、購買和管理保單來補充使用者體驗。
推動這一轉變的另一個因素是現代人對數位接觸點的偏好超過了傳統接觸點,這是由於消費者可以隨時隨地輕鬆存取資訊和輕鬆處理交易。網路保險公司還需要大幅降低間接成本,這可能會帶來更具競爭力的定價和更好的價值。在提供客製化保險解決方案時使用高級分析可以提高客戶滿意度和參與度,並得到監管支援和保險科技新創公司的出現、新的業務模式和市場覆蓋範圍的支持。這些因素創造了一個動態且不斷發展的線上保險環境,滿足了對更容易獲得和相關的保險產品日益成長的需求。
融入保險業的先進技術正大幅改變保險業的面貌。提高整體效率和增強客戶體驗代表了這個新維度。人工智慧和機器學習透過強大的風險評估和詐欺檢測功能使承保和索賠更加高效。巨量資料分析使保險公司能夠最佳化風險模型並更準確地區分產品以滿足個人需求。另一方面,區塊鏈提供了更大的透明度和安全性,特別是在索賠管理和詐欺預防方面。物聯網可以實現即時監控和個人化保險解決方案的交付,而 RPA 則接管日常任務,減輕管理負擔並騰出時間致力於策略活動。
本報告調查了全球線上保險市場,提供了市場概況,依產品類型、通路、保單條款、保單條款、客戶類型、地區的趨勢,以及進入市場的公司簡介。
Global online insurance market is projected to witness a CAGR of 10.25% during the forecast period 2024-2031, growing from USD 31.68 billion in 2023 to USD 69.15 billion in 2031. Several factors spur the fast growth of the online insurance market, which are interlinked and alter the face and structure of the industry. As the internet has spread across the globe, consumers increasingly use digital platforms to meet their insurance needs and appreciate the convenience and speed of online transactions. Meanwhile, technological innovation has been complementary to the user experience through seamless comparison, buying, and management of insurance policies with the help of mobile applications, artificial intelligence, and big data analytics.
Another fueling factor contributing to this shift is modern consumer preferences for digital touchpoints over traditional ones, driven by ease of access to information and handling anytime, anywhere transactions. Also, online insurance operators must bear much lower overheads, which in turn may lead to more competitive pricing and increased value. The use of advanced analytics in delivering bespoke insurance solutions adds several dimensions to customer satisfaction and engagement, supported by regulatory support and the emergence of insurtech start-ups, unveiling new business models and market coverage. These factors create a dynamic and constantly evolving online insurance environment that responds to the heightened demands for more accessible and relevantly tailored insurance products.
Online insurance refers to buying and managing insurance policies using online avenues, such as websites or mobile phones. It offers convenience in acquiring quotations, making comparisons, and executing transactions online, often much quicker and at greater flexibility than conventional methods. In May 2024, NEXT Insurance, the technology-first insurance company changing small business insurance, announced a game-changing, tech-enabled solution that will fundamentally alter the insurance experience. By applying NEXT's AI-driven proprietary platform and underwriting knowledge base, the new solution offers instant, accurate, and customized insurance quotes, freeing customers from valuable time otherwise spent on a time-consuming application.
Rising Integration of Advanced Technology in the Insurance Sector
Advanced technologies integrated into the insurance sector are dramatically changing the face of insurance. Improvement in efficiencies across the board and enhancements in customer experiences mark this new face. AI and machine learning make underwriting and claims processing much more efficient, with strong risk assessment and fraud detection features. Big data analytics allow insurers to optimize risk models and create more precise product differentiation to meet individual needs. Meanwhile, blockchain offers greater transparency and safety, especially in claims management or fraud prevention. IoT makes it possible to offer real-time monitoring and personalized insurance solutions, RPA reduces the administrative workload by taking over routine tasks, thus releasing more time to focus on strategic activities.
In July 2024, Lemonade, the insurance company powered by AI and driven by social impact, announced the launch of Buildings and Contents insurance in the United Kingdom. Building on the company's home insurance offerings, homeowners throughout the United Kingdom can buy extensive coverage for their homes and belongings. As digital platforms evolve, their further growth and development contribute to the creation of a more integrated and customer-centric experience while at the same time making cybersecurity protections more crucial in protecting sensitive data. When pulled together, such advances optimize operational efficiency and how insurers interact and serve their clients.
Surge in Demand for Personalized Insurance Products to Boost the Market Growth
Today's consumers increasingly require personalized insurance products tailored to their tastes and preferences. The demand for personalization can be well met with online insurance platforms using advanced technologies that offer highly personalized solutions. The platform captures information on consumer behavior, risk profiles, and market trends and can thus provide a sound basis for analytics. With this information, AI plays a very active role in its processing and interpretation to enable insurers to offer bespoke products for each client's needs. Whereas initially, there was some concern around the convenience of digital interactions, this has been overcome by the evolution of digital tools and moving away from physical exchanges of data. The outcome is that it is easier, more accessible, and user-friendly. In July 2024, ICICI Lombard, one of India's leading private general insurers, announced the launch of its revolutionary health insurance product, Elevate. Powered by new-age AI, Elevate is a first-of-its-kind health product with state-of-the-art features and add-ons that will offer personalized solutions to even nuisance health issues under the compelling need for a dynamic lifestyle, unforeseen medical emergencies, and medical inflation. Insurance simulation tools, for instance, permit the dynamic redesign of products; the latter are thus much more relevant and attractive. The insurers can thus expect a noticeable improvement in the volume of clients and their respective satisfaction levels due to the possibility of offering customized solutions that better match their needs.
Health Insurance to Dominate the Online Insurance Market
The health insurance segment dominates the online insurance market, primarily driven by ever-increasing costs of healthcare, increased awareness about health insurance, and regular government initiatives for insurance. With rising costs, more people seek comprehensive health insurance to cover themselves against financial risks and ensure quality care. This increased awareness is supported by government policies aimed at expanding health insurance coverage, including subsidies and incentives to encourage more people to invest in health insurance. These factors together combine to promise huge and robust growth for the health insurance segment, making it the largest and most vibrant area of online insurance. This growth is expected to continue as more emphasis is laid on preventive care and personalized health plans facilitated by advanced digital tools throughout the forecast period. In February 2024, AXA - Global Healthcare launched a healthcare payment card, a truly innovative, fully virtual service at the fingertips of customers and clients for the first time that will simplify the claims process. The healthcare payment card provides members with a digital wallet that they can store and access with ease needed to use their international healthcare insurance policy.
The life insurance segment is rising as one of the major growth areas in the global online insurance market, and several factors propel it. Increasing disposable incomes across regions are enabling more people to invest in life insurance for security or financial planning purposes. At the same time, lifestyles have changed, and people are more aware of long-term financial stability and, thus, estate planning, which calls for better interest in life insurance. Moreover, increasing awareness concerning the benefits of life insurance, such as income replacement, debt covering, and investment, made it one of the more popular types of policies.
North America Dominates Online Insurance Market Share
North America dominated the share of the global insurance online market with the highest revenue. The leadership in North America is largely dominant, considering advanced technological infrastructure, compelling internet penetration, and the fast-growing reach of digital platforms among its citizens. Besides, North America market has an established insurance sector with tech-savvy consumers who increasingly desire convenience and efficiency regarding online insurance solutions. A strong regulatory framework for the region, coupled with innovative developments of digital tools, reinforces its market position for continued growth and development in the online insurance market. In 2024, the Cleveland Guardians and Progressive Insurance are announcing a new 13-year deal that will keep Progressive as the team's official insurance provider. Also, Progressive Field will remain the home of Guardians baseball through the 2036 season.
Asia-Pacific is increasingly gaining momentum as a major online insurance market, fully embarked on accelerated economic development and digital growth. Powered by internet penetration, the wide usage of smartphones, and growing mobile connectivity, online insurance solutions are being taken in the region at an unparalleled rate. With improving disposable incomes, a burgeoning middle-class is driving the demand for affordable and accessible insurance products.
Future Market Scenario (2024 - 2031F)
Advancements in data analytics and artificial intelligence will create highly personalized insurance products, tailored to the needs and risk profiles.
The integration of Internet of Things devices shall enable real-time monitoring and shall present a more accurate risk assessment for more tailored and dynamic insurance.
Evolving regulations and compliance standards will influence how online insurance companies operate, especially regarding data privacy, consumer protection, and cross-border transactions.
Blockchain technology will be more utilized due to its potential to promote greater transparency, reduce fraudulent cases, and accelerate claims processing through decentralized ledgers.
Key Players Landscape and Outlook
Key players in the online insurance market are aggressively working on enhancing their offerings and establishing their presence across the globe. Major insurers continue to invest multi-million dollars in developing the latest technologies, such as artificial intelligence and machine learning, and others, which help them automate processes, fine-tune their risk assessment, and enhance the overall customer experience. The market is fiercely competitive, with established companies and new entrants competing for a chunk of the market share. Firms increasingly deploy strategic partnerships and acquisitions to strengthen their positions in a bid to understand new capabilities, access wider customer bases, and drive innovation. It means that, in times to come, the integration of technological advancement along with strategic growth initiatives will play a vital role in molding the future landscape of online insurance.
In July 2024, Allianz announced to acquire at least 51% of the shares in leading insurer Income Insurance. This acquisition in the fast-growing Singapore insurance market would bring Allianz from the 9th to the 4th largest composite insurer in Asia.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.