Online Insurance penetration in India
Just like the providers of any other services, these days, even insurers prefer to market the policies online, and the subscribers also love to avail the policies online. This has been the global picture, and the Indian perspective is not at all different. Within a very short time span, online insurance has managed an excellent penetration and is consolidating its standing further with the passage of time. Here comes the key points in that regard.
The online insurance market in India has reached close to 7000 Crores
A recently conducted survey about the share held by online insurance, exhibited the fact that the market value of online insurance in India has reached close to 7000 Croers, and is rising sharply as days are passing by. Out of this figure, health and travel insurance contributes around 2400 Crores, while the contribution from Motor Insurance is around 2300 Crores. The remaining contribution comes from Life insurance policies online.
Experts are of the opinion that in next 2/3 years, more than 50% of the life insurance policies in India will be sold online
Within a few years, around 12% of the life insurance policies in India are purchased online. In the opinion of the experts, as people are going to embrace digital technology more and more, within next 2/3 years, it will go up to more than 50% of the total life insurance policies being sold online.
In the coming years more than ¾ of the non-life insurance policies will be availed online
When it comes to non-life insurance policies like health, travel and motor insurance, nearly 33% of the annual sales is made online. If the projection of the experts is to be believed, it is going to cover more than 3/4thof the total non-life insurance policies sold and purchased online, within a very short time.
Though the private insurance companies were dominating the Public sector insurers in the recent past, however, today, the penetration of both these parties has come to a level and both the private and public insurers are encouraging clients to pick their policies online.
Buying insurance policies online comes as a profitable deal for the buyers as well. It is for the reason that they come across more scopes of options as well as can find more competitive quotes for the premium. This way, they can procure the most extensive and robust coverages at the modest rates.