India Insurance Market Analysis and Growth Report, 2018
India Insurance Market Analysis and Growth Report, 2018

Report Summary:

researchFOLKS’ ’‘Indian Insurance Market Analysis” report offers a retrospective analysis of trends and events occurred in the industry in the recent few years with forward looking statements and also a comprehensive view on the impact of growing customer data volume and technology adoption in the industry. The report also provides accurately validated market statistics of both life and non-life segments along with the future projections till 2022. 

Technology, connectivity and internet usage has revolutionized the industry and offering huge growth opportunities for the insurers, which is encouraging them to pursue innovation with data and technology providers in order to improve their capabilities and product offerings. However, this has created evolving risks from cyber threats. In our report, we pinpoint how the insurers are responding to changing technology landscape and addressing cyber related issues in greater detail.

Our report also touches on various innovative distribution channels adopted by insurers, market growth drivers, emerging technologies in the market and industry benchmarking with other peer countries and their relative market positioning for both life and non-life business segments. In addition, the report also touches on regulatory framework, and broader implications of regulatory policy changes on insurance market.

Insurance Market in India - Highlights of the report:

Insurance industry in India has seen a significant growth in the last decade along with an introduction of a large number of novel products into the market. This has led to a tough competition among the insurers with a positive and strong outcome. In India, insurance sector plays an important role in the wellbeing of its economy and considerably increases the prospects for investments amongst the individuals, protect their future and helps the insurance sector form an enormous pool of funds. 

Both life and non-life insurance in India is governed by the IRDAI (Insurance Regulatory and Development Authority of India), a government organization that monitors insurance sector and acts like guardian of all the insurance customer rights. In 2017, total gross insurance premium reported USD 91.1 billion and is expected to increase to USD 9.0 billion by the end of 2018 at a significant growth of 8.7%. This growth is predominantly due to the increasing awareness among the population about life insurance, increase in income, and significant growth in purchasing power of people.

In addition, emerging trends like InsurTech adoption, product innovations, novel distribution channels, better claims management and regulatory trend also favoring the market growth. The government of India has introduced various schemes to provide insurance to individuals in a below poverty line such as PMSBY (Pradhan Mantri Suraksha Bima Yojana), RSBY (Rashtriya Swasthya Bima Yojana), PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), amongst others. 

In the coming years, insurance technologies (InsurTech) such as cloud, IoT, chatbots, mobile devices, virtual reality, analytics, artificial intelligence and big data are expected to make huge impact on insurers business operations and customer experience.

List of Companies mentioned in the report:

    • Apollo Munich Health Insurance
    • Kotak Mahindra Life Insurance
    • Bharti AXA Life
    • Bajaj Allianz General Insurance Company Ltd. 
    • Reliance Life Insurance Company
    • Max Life Insurance 
    • LIC 
    • Birla Sun Life Insurance
    • SBI Life 
    • New India Assurance

Scope of the report:

    • The overview of insurance industry market and comprehensive analysis of the market drivers
    • It provides conventional and contemporary information about insurance market and predictions till 2022
    • It details the emerging technologies and various distribution channels adopted by insurers to improve the customer base and their economic, regional and business impact on the overall industry
    • Opportunities presented by Insurtech startups to the insurers, investment in Insurtech companies and key trends to watch in Insurtech market
    • Detailed information about existing market leaders, their strategies and government policies driving insurance market

Key Questions answered by the report:

    • What is the penetration rate of life and non-life insurance business segments; and the futuristic overview?
    • Who are the leading insurers in the market and what strategies they are adopting to maintain leadership positions?
    • What are the growth opportunities provided by the alternative distribution channels to the insurance market?
    • How are the emerging technologies and new product launches affecting the local insurers of the country?

Reasons to purchase this report:

    • Enhance the decision-making with the comprehensive information about trends, conventional statistics, and forecast for next five years
    • Understand the competitive landscape in the insurance industry and their marketing strategies
    • Unfold hidden growth opportunities with the use of data about emerging transitions in the market and customer transactional behaviors
    • Broaden the insight about regulatory policies and frameworks that impact insurance industry market
Table of Contents:

1. Definitions

2. Research Methodology

2.1 Research Process

2.1.1 Market Sizing

2.1.2 Competitor Analysis

2.1.3 Market Forecasting

2.1.4 Quality Control Process

3. Executive Summary

4. Industry Benchmarking with Peer Countries

5. Market Attractiveness

6. Regulatory Framework

7. SWOT Analysis

8. Porter’s Five Forces Analysis

9. InsurTech Landscape

10. Industry Enablers/Growth Drivers

11. Market analysis by business segment

12. Market Analysis by Distribution Channels

13. Key Industry Developments

14. Industry Outlook

15. Key Operators in the Market – Company Profiles

16. Appendix

16.1 Industry Stats


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