Market Overview:
The Life Insurance Software Market size was valued at USD 1157 billion in 2021 and estimated to reach USD 2021 billion by 2028, at a CAGR of 8.3% over the forecast period 2022- 2028.
Life insurance means it is a contract plan between an insurance company and an insurance policyholder, where the insurer gives the guarantee to pay a sum of a fixed amount and it is exchanged for a premium after a set period or after the death of the insured person. Life insurance provides financial protection to the insurer and their family. Life insurance can provide the service to people including newly married couples, business owners, People nearing retirement with fewer savings, and parents with young children. The various brands are involved in providing life insurance services with different policies. For instance, according to Statista, in 2021 the LIC of India provides 21 million new individual policies. Some private insurers provide about 7 million policies and overall 28 million new individual policies were provided in the country. As a result, increasing the number of policyholders helps for the growth of the market in the forecast year.
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Major Key Players for Life Insurance Market:
- Allianz
- AXA
- Nippon Life Insurance
- American Intl. Group
- Aviva
- Assicurazioni Generali
- State Farm Insurance
- Dai-ichi Mutual Life Insurance
- Munich Re Group
- Zurich Financial Services
- Prudential
- Asahi Mutual Life Insurance
- Sumitomo Life Insurance
Market Dynamics and Factors:
Life insurance is a crucial part of financial planning. It offers several benefits to people such as providing financial security, dSisciplined investment, tax-free payout, life risk cover, death benefits, return on investment, loan options, life stage planning, and assured income benefits. Apart from this life insurance helps people in critical illness and personal accidents. In the market, multiple numbers of insurance policies are available such as ULIPs, Money-Back, Child Life, and Endowment plan. These policies contain investment components that offer wealth appreciation. Additionally, they provide retirement plans such as annuity plans, saving plans, and endowment plans that help people on retirement. These benefits help to increase the market in the forecast year. Life insurance has an expensive plan and different terms and conditions of insurance plans which involve in hamper the growth of the market of life insurance in the projected year.
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Life Insurance Market Report Highlight:
- By type, the permanent life insurance segment is expected to have the maximum market share in life insurance software during the projected period. Permanent life insurance offers the whole life benefits, thus rising the number of policyholders of permanent life insurance which propel the growth of the market.
- By application, the agency segment is expected to have the maximum market share in the life insurance software market during the forecast period. Most of the population buys the insurance policy from the agency which boosts the market of life insurance in the analysis period.
- By region, North America is expected to dominate the life insurance software market, during the projection period. According to Statista, 52% of Americans have owned life insurance in 2021 which propels the growth of the market in the forecast year.
Key Industry Development:
- In May 2022, AXA launched mental health insurance in Indian group policies. This service provides up to one lakh for hospitalization.
- In November 2021, the Bajaj Allianz Life Insurance partnered with India Post Payments Bank (IPPB) and the Department of Posts (DoP). This tripartite partnership launched two insurance products for rural customers. The life insurer provides term and annuity products to customers through IPPB’s extensive network of 650 branches and over 1, 36,000 banking access points.
Life Insurance Market Segmentation:
By Type
- Term-life insurance
- Permanent-life insurance
- Others
By Application
- Agency
- Bank
- Broker
- Direct Channels
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For this report, Introspective Market Research has segmented the Life Insurance Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The objective of the research is to provide the market knowledge and strategic insights to assist decision-makers in making informed investment decisions and identifying potential gaps and growth opportunities. Historical revenue and sales volume are reported, and additional data is triangulated using top-down and bottom-up methodologies to predict forecast numbers for important regions covered in the research, as well as classified and well-known Types and end-use industries. The Life Insurance Market study explores the competitive landscape of the global market. In addition to rival market share research, in-depth profiling, product/service, and business overviews, the study focuses on BCG matrix, heat map analysis, and SWOT analysis to better correlate market competitiveness. Five forces analysis, Ansoff matrix, PESTEL analysis, and value chain analysis are used to better understand market conditions.
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