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An overview of the Malaysian online insurance industry:
Rising internet and smartphone penetration, low infrastructure costs, and the covid-19 pandemic have collectively impacted the demand for online insurance users in the country. Insurance industry players are looking to provide online services to address untapped and untapped markets.
Healthcare inflation has risen by more than 10% since 2015, increasing demand for health insurers. Covid-19 has also plunged demand and penetration in the health insurance segment, with the double-digit CAGR seen from 2019 to 2020, the highest increase in five years. The Malaysian life insurance industry has gone digital due to the COVID-19 outbreak. Restrictive measures imposed in Malaysia have provided an opportunity for insurers to switch to a digital operating mode.
Vehicle registrations are growing at a steady rate, with over 50 products entering the market in 2019. This has increased the need for car insurance providers in Malaysia.
Travel insurance is a very high percentage of the online insurance segment and most travel insurance is sold online along with travel packages or bookings. Online travel agencies partner with companies to provide insurance to their users. Huge investments have been made in insurtech companies, which have made technological advances in the form of automation and personalization, to dominate the insurance industry.
Rising mobile penetration has created great potential for the online insurance market. Malaysia has 89% internet users in 2020 and is growing at a CAGR of 5% since 2016, showing an opportunity for businesses to sell in the online insurance segment. Multiple marketing and business strategies have been implemented, such as shortening the insurance period from 14 days to 1 hour, thus reducing wait times for buyers.
a report entitled “Malaysia Online Insurance Market Outlook to 2026F: Driven by Growing Demand for More Convenient and Low-Cost Insurance in the Country” According to Ken Research, Malaysia’s online insurance market is expected to grow significantly due to increased government support and the covid-19 pandemic. Covid-19 will drive growth in the insurance industry due to an increase in online users and people’s preference for avoiding physical contact, as well as a significant increase in users’ health demands. Rather than a one-size-fits-all approach, we offer personalized or customized insurance products through digital insurance processes to meet the needs of all types of customers. Online insurance sales have removed the middleman between companies and policyholders. This reduces costs for both the insured and the insurer. The convenience and ease of use offered by the industry’s move online has made it the preferred choice for those looking to purchase insurance today.The experience of being able to purchase insurance from the comfort of your own home Direct them to online insurance.
Key Segments Covered in Malaysian Online Insurance Industry
Malaysian online insurance market
- Gross premiums by insurance-based product type
- Life insurance
- family takaful
- General Takaful
- Non-life insurance
- Total premiums by product type on a non-life basis
- auto insurance
- medical health
- Employer liability
- personal accident
- Total Premiums by Type of Entity
- captive player
- aggregator player
- financial advisor
- Gross premium by region
- penang
- Johar
- Klang Valley & Selangor
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Main target audience
- Insurance company
- Captive player in online insurance
- Players of online insurance aggregators
- insurance technology provider
- Insurance user
- New entrants to the online insurance space
- Banks affiliated or affiliated with insurance companies
- insurance company regulator
Duration recorded in the report:
- Historical period: 2016-2021
- Forecast period: 2022-2026
Malaysian Startups Online Insurance Sector
Target companies:
online insurance aggregator
Captive player in online insurance
- liberty insurance
- AXA Affine Insurance
- eTiQaInsurance
- AIA Malaysia
- Takaful Ikuras
- tune insurance
- zurich insurance
- Chubb Insurance
- Arants Malaysia Belhad
- FWD Takaful
Main topics covered in the report
- An Overview of the Malaysian Online Insurance Industry
- Malaysian Online Insurance Sector Startup
- Malaysian online insurance industry country overview
- Overview and Genesis of the Malaysian Online Insurance Market
- Malaysian online insurance market segmentation
- Industry Analysis of Malaysian Online Insurance Market
- Malaysian online aggregator snapshot
- Competitive Analysis of Malaysian Online Insurance Market
- Malaysia online insurance market outlook and future forecast
- research method
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inquiry:-
Ken Research
Ankur Gupta, Head of Marketing and Communications
[email protected]
+91-9015378249
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