Report Overview

China Online Insurance Market - Industry Trends & Forecast Report 2028

China Online Insurance Market is predicted to grow at a CAGR of 12.6% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the growing popularity of internet personal insurance purchases across the country. The fastest-growing insurance was medical. This was most likely brought on by the public's growing worry over health issues as a result of the COVID-19 outbreak. Moreover, as technological innovation and e-commerce continue to rise in China, it is anticipated that the share of insurance premiums paid online is expected to increase even more over the next years. After the pandemic drove insurers to reassess their digital capabilities in managing sales, underwriting, risk assessment, and claims, they will become more active in adopting new digital technologies to strengthen their long-term competitive edge. To control risks, safeguard the financial stability of insurers, and safeguard the interests of consumers, China's insurance regulator is anticipated to implement further measures to regulate the internet insurance market.

Online Insurance - Overview

Insurers can use a digital insurance platform to transition from complex core systems to higher technological agility and flexibility, digital fluency, and innovation in their existing business model. Furthermore, it assists a corporation in creating, managing, monitoring, and controlling the digital insurance ecosystem. APIs, artificial intelligence, cloud-native computing, machine learning, and other insurance-specific capabilities and information are all part of the digital insurance platform. Online policies are often 30% to 70% less expensive than offline policies. This is because insurance companies may cut costs and eliminate agent commissions by selling products online.

China Online Insurance Market Forecast and Trends

Growth Drivers

Digital Insurance Platforms Assist in Gaining the Loyalty of Customers

Digital insurance platforms allow for deeper, more meaningful interactions with customers across channels, offer individualized experiences, and, most importantly, speed up the processing of online claims. In the insurance industry, acquiring a new customer often costs five times more than converting an existing one. Additionally, clients who are happy with the insurance options are 80% more likely to renew their coverage than those who are not. For insurance purchasers, applying for and renewing a policy online can be simple, quick, and available round-the-clock. As a result, the expansion of the digital insurance platform industry is being further supported by the ability of these platforms to cultivate customer loyalty.

Adoption of Digital Solutions is Growing

The need to develop direct connections with the end consumer through the smartphone to thrive in an era where the customer uses the phone as the major medium of communication is driving the digital boom in the insurance business. The trend has been quick, thanks in part to the high number of phone users and in part to the lighter weight of legacy devices. Digitalization creates a significant digital insurance platform market opportunity for insurers to increase market share and profitability. It also encourages insurers to use digital technologies in novel ways to provide concrete value to clients. As a result, it creates potential digitalization prospects for insurers and clients, as the acceptance of digital solutions for insurance policies grows in the future. As a result, this feature will give significant profit potential for the expansion of the digital insurance platform market in the following year.

Restraints

Concerns about Privacy and Security

When it comes to digitizing insurance, data and payment security are important considerations. Identity theft and hacking may become more common as digital interventions become more widespread. When an insurance firm adopts digital insurance platforms, it must guarantee that background checks are complete, claims are real, and its online infrastructure is well-protected against unnecessary assaults. While the digital insurance platform market provides advantages to consumers, it also introduces possible concerns. Consumers, for example, must be confident that the information offered by digital platforms is in their best interests. Because of oversimplification and skewed information, search results, rankings, and other information created by these platforms may not necessarily reflect individual user preferences. Furthermore, online platforms' usage of enormous volumes of personal data raises questions about intrusiveness, justice, and prejudice. As a result, this is a primary issue constraining market expansion.

Impact of COVID-19 on China Online Insurance Market

The COVID-19 pandemic benefits the digital insurance platform business. Because providing insurance physically was not viable during the lockdown era, many insurance companies and policyholders began to use these sites. Furthermore, during the pandemic, the insurance business demonstrated tremendous and unprecedented progress. As a result, during the COVID-19 epidemic, demand for digital insurance platforms grew, positively impacting the market.

China Online Insurance Market - By Type

Based on the type, the China Online Insurance Market is segmented into Life Insurance, Non-Life Insurance, Health Insurance, Accident Insurance, Air Travel Insurance, Dental Insurance, and Others. Among these, health insurance accounts for the largest share in the China Online Insurance Market. This is because China's healthcare industry is expanding quickly. Additionally, China's medical care is getting better and better all the time, especially since the Chinese government started allowing foreign investors in private hospitals in 2012. Also, online health insurance purchases are more convenient, transparent, flexible, need less paperwork, and are quicker. All these factors propel the growth of the China Online Insurance Market during a forecast period (2022-2028).

Competitive Landscape

The leading market players in the China Online Insurance Market are ZhongAn, China Pacific Insurance, PingAn Insurance, PICC Company, Taikang Life Insurance, Sinosafe General Insurance Co Ltd, and other prominent companies.

The China Online Insurance Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Recent Development

• In March 2021, China’s banking and insurance regulator CBIRC revised its “Rules on Internet Insurance Business” to address issues in the marketplace amid a sharp surge in companies seeking to join the online insurance sector. In 2020, a total of 7,741 enterprises involved with online insurance registered with Chinese authorities, representing a rise of 93% compared to the previous year.
• In January 2021, Zhong An Insurance, the first 100% digital Chinese insurer announced implementing a diversification strategy to avoid being overly dependent on its partners. ZhongAn has reduced the number of intermediary sales in favor of D2C sales. To do so, the digital insurer is banking on technology and customer experience. It uses artificial intelligence to automate 70% of its online customer service.

Scope of the Report

By Type

• • • Life Insurance
    • Non-Life Insurance
    • Health Insurance
    • Accident Insurance
    • Air Travel Insurance
    • Dental Insurance
    • Others

1. Research Framework
   1. Research Objective
   2.  Packaging Tire Type Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. China Online Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. China Online Insurance Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
      2. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Type
         1. Life Insurance
         2. Non-Life Insurance
            1. Health Insurance
            2. Accident Insurance
            3. Air Travel Insurance
            4. Dental Insurance
            5. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership, etc.)
7. Impact of COVID-19 on China Online Insurance Market
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
   1. ZhongAn
   2. China Pacific Insurance
   3. PingAn Insurance
   4. PICC Company
   5. Taikang Life Insurance
   6. Sinosafe General Insurance Co Ltd
   7. Other Prominent Companies
9. Key Strategic Recommendations

NOTE:

Financial in information in case of non-listed companies will be provided as per availability

The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1        China Online Insurance Market Segmentation

Figure 2        China Online Insurance Market Value Chain Analysis

Figure 3        Porter’s Five Forces Analysis

Figure 4        China Online Insurance Market Size, By Value (USD Million), 2018-2028

Figure 5        China Online Insurance Market Share, By Type, By Value, 2018-2028

List of Tables

Table 1         China Online Insurance Market Size, By Type, By Value, 2018-2028

Table 4         ZhongAn Company Overview

Table 5         ZhongAn Financial Overview

Table 6         China Pacific Insurance Company Overview

Table 7         China Pacific Insurance Financial Overview

Table 8         PingAn Insurance Company Overview

Table 9         PingAn Insurance Financial Overview

Table 10        PICC Company Overview

Table 11        PICC Company Financial Overview

Table 12        Taikang Life Insurance Company Overview

Table 13        Taikang Life Insurance Financial Overview

Table 12        Sinosafe General Insurance Co Ltd Company Overview

Table 13        Sinosafe General Insurance Co Ltd Financial Overview