The Term Life Insurance Global Market Report 2020-30 by The Business Research Company describes and explains the global term life insurance 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 Term Life Insurance Global Market Opportunities And Strategies Report covers term life insurance market drivers, term life insurance market trends, term life insurance market segments, term life insurance market growth rate, term life insurance market major players, and term life insurance market size.
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The term life insurance 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.
Term Life Insurance 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 in the market include:
Technologies To Aid Automation Of Insurance-
Term life insurance providers are increasingly adopting advance technologies to automate insurance process, reduce 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 helps in automation of risky and complex processes, provide 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 better understanding about the insurance policies and payments. For instance, SPIXI, a chatbot, is an automated insurance agent that customers can interact through a mobile application and Geico, an insurance company’s virtual assistant Kate, a chatbot, answers customer queries on policies and payments. Similarly, in October 2019, Munich Re Automation Solutions Ltd launched an auto-underwriting solution for Allfinanz Spark that helps enhance the customer experience for life insurance that includes term life insurance.
Tailored Insurance For Clients Leading A Healthier Lifestyle-
Term life insurance companies are increasingly offering tailored insurance for their healthier clients. Insurance companies globally are offering lower premium rates that reward the client’s healthy lifestyle. These companies are also encouraging policyholders to lead a healthy lifestyle. The willing clients are being rewarded with reduced premiums or certain loyalty benefit programs. For example, Vitality, a UK based insurance company, which offers its clients rewards if they exercise regularly and eat healthy. These clients are also offered discounts on activity trackers and free delivery of healthy food from their partner companies. Other companies such as Max New York Life Insurance offers up to 36% of reduction of premium for their healthy, non-smoking policyholders.
The market is segmented:
By Type Of Insurance-
- a) Individual Level Term Life Insurance
- b) Group Level Term Life Insurance
- c) Decreasing Term Life Insurance
By Type Of Distribution Channel –
- a) Tied Agents And Branches
- b) Brokers
- c) Bancassurance
- d) Direct And Other Channels
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