The Adoption of New Technologies, Rising Demand for E-Vehicles, Upliftment of Travel restrictions and Government Initiatives will drive Singapore Online Insurance Market: Ken Research

With the Upliftment of the Travel Restrictions, it is expected to see a growth in the demand for the Travel Insurance.
Increase in cases of accidental damage, rising standard of living among people, would drive the growth of the gadget online insurance market.
The citizens would continue to purchase insurances due to the specific tax advantages, requirements for getting specific loans and for asset protection

The Adoption of Advance Technologies to prevent Frauds: Technological tools such as Artificial Intelligence, Internet of Things, and Blockchain are being used by insurers to more effectively detect and prevent insurance fraud. It will also be used to give the behavioral analytics to provide insights into people’s actions and help insurers determine genuine claims. They can be implemented to prevent exaggerated claims where fraudsters try to add cost of previous damages to new claims. Blockchain also prevents double dipping, in which insureds file a claim with more than one insurance company. The distributed ledger technology of blockchain can prevent repeated transactions for the same claim from being approved. Insurers will be alerted of a motor claim instantly because of the connected universe of smart devices.

Government Initiatives: The online insurance market in Singapore is guided by the same regulations provided by Monetary Authority of Singapore for offline insurances and with the access to internet by the majority of the population, it is expected, that this policy will contribute to the growth of the insurance sector and other than that, Government has launched the Policy Owner Protection Scheme which provides the 100% coverage to individuals for guaranteed benefits of life insurance policies and also, Singapore law does not prescribe different levels of commission rates to be paid to insurance intermediaries for online sales as opposed to insurance sale through other means.

Rising Demand for E-Vehicles: A major shift in the motor insurance product can be anticipated with the increase in EV vehicles, to meet the objectives of the Singapore Green Plan for 2030. This Shift has led to rise in the demand for the Motor Insurance in Singapore.

Analysts at Ken Research in their latest publication “Singapore Online Insurance Market Outlook to 2026F– Driven by Digital Disruption and Rising Technology-enabled Services in the country” by Ken Research observed that Singapore Online Insurance Market is in the Growing Phase as the Adoption of New Technologies, Rising Demand for E-Vehicles, Upliftment of Travel restrictions and Government Initiatives, are expected to contribute to the market growth over the forecast period. The Singapore Online Insurance Market is expected to see double digit growth rate over the forecasted period 2022-2026F.

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Key Target Audience

Insurance Players
Online Insurance captive Players
Online Insurance Aggregators Players
Insurance Technology Provider
Insurance Users
New Entrant in Online Insurance Space
Associated or Affiliated Banks with Insurance Entities
Regulatory Bodies for Insurance Entities

Time Period Captured in the Report:

Historical Period: 2016-2020
Base Year: 2021
Forecast Period: 2022– 2026F

Companies Covered:

AXA Insurance
AIA Singapore
Prudential Assurance Company
FWD Insurance
Singlife with Aviva
Great Eastern Life
Manulife Singapore
Chubb Asia Pacific
HSBC Singapore
Singapore Life
China Taiping
Zurich
St. James’s Place
Swiss life
Quilter International
Tokio Marine
Income
EtiQa
Transamerica
Munich RE
Utmost International
China Life

Key Topics Covered in the Report:

Country Overview
Singapore Population Analysis
Overview and Genesis of Singapore Online Insurance Market
Ecosystem of Singapore Online Insurance Market
Timeline of Major Players in Singapore Online Insurance Market
Types of Insurance products in Singapore Online Insurance Market in 2021
Current Scenario of Health Insurance in Singapore Online Insurance Market in 2021
Growing Traffic and Motor Insurance in Singapore Online Insurance Market in2021
Travel Insurance in Singapore in 2021
Property Insurance in Singapore in 2021
Market Size of Singapore Online Insurance Market
Market Segmentation of Online Insurance Market in Singapore
Industrial Analysis
SWOT Analysis of Singapore Online Insurance Market
Technology Trends Transforming the Singapore Online Insurance Market
Regulatory Framework of Government Regulations of Singapore Online Insurance Market
Government Regulations of Singapore Online Insurance Market
Customer Analysis of Online Insurance Market in Singapore
Challenges faced by Consumers in using Online Insurance in Singapore
Competitive Analysis of Online Insurance Market in Singapore
Cross Comparison of Major Players in Singapore Online Insurance Market
Cross Comparison of Major Insurtech in Singapore Online Insurance Market
Future Outlook and Projections of Online Insurance Market in Singapore
Impact of COVID-19 on Online Insurance Market in Singapore
Analyst Recommendations