GURUGRAM, India, December 14, 2022 /PRNewswire/ — Malaysians are embracing digital channels for their insurance needs. The market is currently in a growth phase, with increasing adoption through an extensive network of agents, insurance aggregators, financial advisors and online websites. Online insurance market in Malaysia The ecosystem is made up 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 demand for health insurance.
• The government has provided support to the online insurance industry by creating several agencies and regulatory bodies that oversee and assist the operations of insurance players.
• Mining social networks the data improves risk assessment for insurers, strengthens fraud detection capabilities and enables new customer experiences.

Government involvement: Bank Negara Malaysia (BNM) is preparing a regulatory framework for digital insurers and digital takaful operators, which will be finalized in 2022. The proposed framework aims to attract new digital players with innovative solutions to close protection gaps. Increasing implementation of Life Insurance and Family Takaful by several government agencies across Malaysia is mainly driving the takaful insurance market. Additionally, the large presence of the Muslim population in the country is catalyzing the growth of the market.

Pandemic Growth: Due to COVID-19 related lockdown restrictions and global automotive chip shortage, the auto insurance segment is expected to grow by 1.9% in 2022, driven by an increase in vehicle sales. Telehealth services acquired during the pandemic. Restrictive measures amid the pandemic have prompted insurers to launch usage-based insurance policies to help customers financially. They launched digital solutions to protect customers.

Portfolio of construction products: The aggregation model is growing and expected to increase in the future due to easy comparisons and discounts. More than 80% of Malaysian consumers are willing to share their financial, health and other personal data to access additional value-added services. Signaling consumer confidence in their insurers, thereby opening the door for those insurers to build a stronger relationship with consumers. The digital channel for distributing insurance solutions in the country has gained traction due to the restrictive measures imposed in the country during the pandemic.

The report titled “Malaysia Online Insurance Market Outlook to 2026F: Driven by Growing Demand for More Convenient and Lower Cost Insurance in the Country” by Ken Research suggested that the Malaysian online insurance market is expected to grow significantly due to increased government attention, technological developments, development of aggregators and increased convenience. The market is expected to register a positive five-year CAGR in terms of gross direct premium during the forecast period 2021-2026F.

Key Segments Covered in Malaysia Online Insurance Industry:-

Online insurance market in Malaysia

By type of basic insurance product Gross premium

• Life insurance
• Family takaful
• General Takaful
• General insurance

By type of basic general insurance product Gross premium

• Car insurance
• Medical & Health
• Responsibility of employers
• Personal accident

By entity type based on gross premium

• Captive players
• Aggregating Players
• Financial advisors

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By region based on gross premium

• Penang
• Johar
• Klang Valley & Selangor

Key Target Audience:-

• Insurance players
• Captive online insurance players
• Players of online insurance aggregators
• Insurance Technology Provider
• Insurance users
• New entrant to the online insurance space
• Banks associated or affiliated with insurance entities
• Insurance Entity Regulators

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Time period entered in the report: –

• Historical period: 2016-2021
• Forecast period: 2022-2026

Companies covered: –

Online insurance aggregators

Online Insurance Captive Players:-

• Freedom Insurance
• Axa Affin Insurance
• eTiQa Insurance
• AIA Malaysia
• sincere takaful
• Tuning Insurance
• Zurich Insurance
• Chubb Insurance
• Allanz Malaysia Berhad
• Takaful before

Main topics covered in the report:-

• Overview of the online insurance industry in Malaysia
• Country Overview of Online Insurance Industry in Malaysia
• Malaysia online insurance market overview and genesis
• Segmentation of the online insurance market in Malaysia
• Industry Analysis of Online Insurance Market in Malaysia
• Overview of online aggregators in Malaysia
• Malaysia Online Insurance Market Competitive Analysis
• Future prospects and projections for the online insurance market in Malaysia
• Research Methodology

For more information on Market Intelligence, refer to the link below:-

Online insurance market in Malaysia

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