Insurance policies

Growing demand for online insurance policies, digital marketing

Driven by digital disruption and the rise of technology-based services in the country.

Applying for online insurance policies: Most young people want to opt for online insurance because online insurance policies are often much cheaper than offline plans due to the elimination of overhead and commissions from online agents, because the commission charged by aggregators is very high, which are avoided. Moreover, the consumer retention rate is simply very low in offline mode. Online websites provide automated services such as quick premium quotes, renewal of old policies, online premium payment, 24/7 service, insurance investment tracking and the provision of online claims. It also eliminates the risk of fraud and mis-selling, especially by an agent or distributor, and also reduces premium theft, slippage, and other agent-initiated schemes in the online method of insurance.

Increase in digital marketing campaigns: Singapore has high internet penetration; as the majority of the population has access to the Internet, which is used as a tool to increase awareness of online insurance policies and plans through online campaigns and digital marketing. Digital marketing also raises awareness of insurance policies and educates consumers about the value proposition of the product. He has also contributed to well-designed campaign operations that enable organizations to effectively track, optimize, prioritize, execute and measure digital marketing campaigns.

Adoption of new technologies: The adoption of new technologies, the digital insurance platform, has accelerated the pace of change in the insurance industry in Singapore. Technologies such as artificial intelligence and machine learning have improved efficiency and automated existing customer-facing underwriting and claims processes. It improved customer interactions and provided more personalized and accurate health information. Prudential Singapore expects to benefit from AI and ML tools such as Kubeflow, Looker, Big Query and Vertex AI.

Impact of Covid-19: The Covid-19 pandemic has forced consumers to prioritize health insurance. The health insurance segment recorded a generous increase in gross written premiums in 2021, compared to 2019.

Ken Research analysts in their latest publication “Singapore Online Insurance Market Outlook to 2026F – Driven by Digital Disruption and Rising Technology-enabled Services in the country” by Ken Research observed that the online insurance market is an emerging market in Singapore, which is in a growth stage even during the pandemic as well. Rising demand for online policies, digital marketing campaigns for creating awareness for the adoption of new technologies, is driving the growth of the market over the forecast period. The Singapore online insurance market is expected to witness a high growth rate during the forecast period 2022-2026F.

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Key target audience

Insurance players
Captive online insurance players
Online Insurance Aggregators Players
Insurance Technology Provider
Insurance users
New entrant to the online insurance space
Banks associated or affiliated with insurance entities
Insurance Entity Regulators

Period entered in the report:

Historical period: 2016-2020
Base year: 2021
Forecast Period: 2022-2026F

Companies covered:

AXA Insurance
AIA Singapore
Prudential insurance company
FWD Insurance
Sing life with Aviva
great oriental life
Manulife Singapore
Chubb Asia-Pacific
HSBC Singapore
life in singapore
China Taiping
St. James Square
Swiss life
Quilting International
Tokyo Navy
Munich RE
The most international
Life in China

Main topics covered in the report:

Country overview
Singapore Population Analysis
Overview and genesis of the online insurance market in Singapore
Singapore’s online insurance market ecosystem
Timeline of major players in the online insurance market in Singapore
Types of Insurance Products in the Singapore Online Insurance Market in 2021
Current Scenario of Health Insurance in Online Insurance Market in Singapore in 2021
Traffic and Motor Insurance Growth in Singapore Online Insurance Market in 2021
Travel insurance in Singapore in 2021
Property Insurance in Singapore in 2021
Market size of Singapore online insurance market
Market Segmentation of Online Insurance Market in Singapore
Industrial analysis
Singapore Online Insurance Market SWOT Analysis
Tech trends are transforming Singapore’s online insurance market
Singapore Online Insurance Market Government Regulations Regulatory Framework
Singapore Online Insurance Market Government Regulations
Customer analysis of the online insurance market in Singapore
Challenges faced by consumers in using online insurance in Singapore
Singapore Online Insurance Market Competitive Analysis
Cross-comparison of key players in the Singapore online insurance market
Cross-comparison of leading Insurtech in Singapore online insurance market
Future prospects and projections of the online insurance market in Singapore
Impact of COVID-19 on the Singapore Online Insurance Market
Analyst Recommendations

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This press release was published on openPR.