The Life Insurance Providers Global Market Report 2020-30 by The Business Research Company describes and explains the global life insurance providers market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The Life Insurance Providers Global Market Opportunities And Strategies Report covers life insurance providers market drivers, life insurance providers market trends, life insurance providers market segments, life insurance providers market growth rate, life insurance providers market major players, and life insurance providers market size.
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The life insurance providers market report focuses particularly on identifying the trends, opportunities, and strategies that can lead to success. O&S reports are available off the shelf and can be delivered to clients on the day of purchase.
Life Insurance Providers Global Market Opportunities And Strategies Report is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies. The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market. The chapter also covers markets which have been positively affected by the pandemic.
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Trends include:
Technologies To Aid Automation Of Insurance –
Life insurance providers are increasingly adopting advance technologies to automate the insurance process, reduce the cost of operations and improve efficiency. These technologies include artificial intelligence (AI) applications such as robot-advisors, robotic process automation and block chain, a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) not managed by a central authority. These technologies help in the automation of risky and complex processes, providing scope for machine learning, avoid repetitive and time taking processes, provide quick and error-free services, and for secure sending, receiving and storing information. Chatbots are AI-enabled robots used to interact with customers to gain a better understanding of insurance policies and payments.
Digital Process Implementation In Insurance –
Life insurance providers understand that by going digital, they can ensure that their services are readily accessible for their customers and reduce the time taken to offer various services. The shift to digital has marked a shift towards paperless and penless processes for buying insurance to expecting virtual assistance during service requests, digital processes are no longer a differentiator but a survival requirement. Customers of the life insurance providers market can now receive the required guidance through digital aids. The current situation has hastened customer migration towards a more virtual life where most interactions are driven by digital and social media. The COVID-19 crisis has only accelerated the need for digitization. For example, Bajaj Allianz Life Insurance aims at a complete transformation to becoming a totally digital business. Apart from developing their own mobile application, Bajaj also aims at investing heavily in analytics. It has developed a model for predictive analysis for renewals.
The market can be segmented:
By Type
a) Whole Life Insurance
b) Term Life Insurance
c) Accidental Insurance
d) Variable Insurance
e) Annuities
f) Other life insurance
By Application
a) Tied Agents and Branches
b) Bancassurance
c) Direct And Other Channels
d) Brokers
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