GURUGRAM, India, December 14, 2022 /PRNewswire/ — Malaysians are embracing digital channels for their insurance needs. The market is currently in a growth phase, with growing adoption driven by a large network of agents, insurance aggregators, financial advisors and online websites. Online insurance market in Malaysia The ecosystem consists of entities such as insurance companies (offline and online), online aggregators and two regulatory bodies.
- During the Covid pandemic, there has been a significant increase in online insurance users due to people’s preference to avoid physical contact and the demand for health insurance.
- The government has provided support to the online insurance industry by creating more agencies and regulatory bodies that oversee and assist the operations of insurance operators.
- Undermine social media data improves risk assessment for insurers, strengthening fraud detection capabilities and new customer experiences.
Government participation: Bank Negara Malaysia (BNM) is preparing a regulatory framework for digital insurers and digital takaful operators, to be finalized in 2022. The proposed framework aims to attract new digital players with innovative solutions to address protection gaps. Growing implementation of Takaful life and family insurance by different government bodies around the world Malaysia mainly drives the takaful insurance market. Furthermore, the large presence of the Muslim population in the country is catalysing the growth of the market.
Pandemic Growth: Due to COVID-19 lockdown restrictions and the global shortage of automotive chips, the auto insurance segment is expected to grow 1.9% in 2022, driven by an increase in vehicle sales. Telehealth services acquired during the pandemic. Crackdowns among pandemic-motivated insurers to roll out usage-based insurance policies to help customers financially. They have launched digital solutions to safeguard customers.
Construction Product Portfolio: The aggregation model is developing and is expected to increase in the future thanks to easy comparisons and discounts. Over 80% of Malaysian consumers are willing to share their financial, health and other personal details to gain access to the additional value-added services. By signaling consumers’ trust in their insurance providers, thus opening the door for these insurers to build a stronger relationship with consumers. The digital channel of distribution of insurance solutions in the country has gained traction due to the restrictive measures imposed in the country during the pandemic.
The report titled “Outlook for Malaysia’s online insurance market to 2026F: Driven by growing demand for cheaper, lower cost insurance in the country” by Ken Research has suggested that the online insurance market in Malaysia is expected to grow significantly due to increased government attention, technological developments, development of aggregators and increased convenience. The market is expected to experience a positive five-year CAGR in gross direct premium during the forecast period 2021-2026F.
Key segments covered Malaysia Online Insurance Industry:-
Malaysia Online Insurance Marketplace
By product type Insurance base Gross premium
- Life insurance
- Takaful family
- General Takaful
- General insurance
By product type of General Insurance on a Gross Premium basis
- Car Insurance
- Doctor and health
- Employer’s liability
- Personal accident
By Type of Entity on a gross premium basis
- Captive players
- Player aggregators
- Financial advisors
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By Region on a Gross Premium basis
- Klang Valley & Selangor
Key Target Audience:-
- Insurance Players
- Online insurance captive players
- Online Insurance Aggregator Players
- Insurance technology provider
- Insurance users
- New entrant in the online insurance space
- Banks affiliated or affiliated with insurance companies
- Regulatory bodies for insurance entities
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Time period captured in the report:-
- Historical period: 2016-2021
- Forecast period: 2022-2026
Online insurance aggregators
Online Insurance Captive Players:-
- Liberty Insurance
- Axa Affinity insurance
- eTiQa insurance
- AIA Malaysia
- Sincere Takaful
- Arrange the insurance
- Insurance Zurich
- Chubby insurance
- Allanz Malaysia Berhad
- Fwd Takaful
Key Topics Covered in the Report:-
- Overview of Malaysia’s online insurance industry
- Malaysia online insurance industry country overview
- Malaysia online insurance market overview and genesis
- Segmentation of the online insurance market in Malaysia
- Industry analysis of Malaysia’s online insurance market
- Snapshot on online aggregators in Malaysia
- Competitive analysis of Malaysia’s online insurance market
- Outlook and future projections for Malaysia’s online insurance market
- Research methodology
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Ken Private Research Limited
Ankur GuptaDirector of Strategy and Growth
SOURCE Research Ken