India Online Insurance Market Worth INR 80 Billion by 2019
Online Insurance market in India will continue to grow at a considerable pace in the next few years with addition of new web aggregators and internet proliferation in different regions in the country, thus easing the access to insurance products. The market is predicted to grow at a CAGR of more than 50% from FY’2014-FY’2019 and is expected to cross over INR 80 billion by FY’2019. Owing to the large market size of E-commerce and high internet penetration, the future of the industry is predicted to be driven by digitalization. Surging Web Aggregators business, high internet penetration, insurance penetration, increased capping in FDI in insurance sector will steer the growth of the industry in the future. 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 is expected to drive the market growth in the future.
Furthermore, with new upcoming technologies such as e-insurance and ‘IRDA connects’, the awareness for buying insurance products would increase and investments in Web Aggregators would further rise with a focus on bringing different products of major insurance companies under one platform. The number of mobile and Internet users in India have also been witnessing an increasing trend, hence new business models which are emerging in this space are expected to gain acceptance.
240 views • 11 slides
