India Web Insurance Aggregator Industry Outlook to 2024: Ken Research

The publication titled ‘India Web Insurance Aggregator Industry Outlook to 2024’ decodes the shape of Insurance industry in India with a special focus placed on web aggregator mode of distribution and its fast pace growth in the past few years. In addition to the different business models followed by aggregator firms, the report also covers the current landscape of aggregator industry basis revenue, premium collection, penetration rate with respect to overall insurance industry. It also includes the extensive competition benchmarking of industry by cross-comparing peer companies across operational, segment wise premium collection, profitability and financial parameters, includes company profiles of top players and defines customer acquisition cost of top players and at industry level. The role of changing regulations by IRDA, prevailing trends in industry and capturing issues faced by current players has also been showcased to evaluate the future outlook of industry.

Analysts at Ken Research (Online Market Research) have estimated the total addressable market for different insurance products including Motor, Health and Term Life and have suggested that profitability should be a key concern for aggregator firms and investors while expanding the business for acquiring new customers and serving with enhanced insurance products. The report concludes with full interviews conducted with Mr. Mahavir Chopra, Chief Business Officer at Coverfox and Mr. Naval Goel, Chief Executive Officer at PolicyX.

India Web Insurance Aggregator Market

Insurance Industry in India and Role of Aggregators

Insurance GWP collection of India reached USD 97.4 Billion in FY’2019, taking the insurance penetration to 3.7%, lagging behind most of the emerging Asian Economies wit h around 5.6% of penetration. The growth is majorly led by non-life insurance products including Motor and Health owing to initiatives led by government in terms of amending Motor Vehicles Act, 2019 and rising awareness among population for covering the unforeseen risks. Introduction of Web Aggregator Platforms have fostered the need for comparison of different products at a single place, helping customers in making an informed choice. During FY’2019, aggregator firms contributed less than 1% to total GWP collection in India, depicting high growth over past few years yet potential for more to meet European standards.

Different Business Strategies of Players to Up-Ante their Game

While PolicyBazaar continues to be the pioneer in the industry, Coverfox Broking Limited has positioned itself to being an Omni-channel provider of service through their ‘more than 50,000 insurance agents registered on ‘Coverdrive’ segment. In a similar fashion, Bootstrapped PolicyX continues to strengthen its cost leadership by having lowest customer acquisition cost among industry peers. Targeting similar audience, aggregators generally compete on Platform Service, Telemarketing Assistance, Product Portfolio and Partnership with Insurance Providers.

Focus on Rapidly Evolving Customer Behavior

The demand of customers is no longer limited to traditional products of Motor, Health and Term Life and is gradually evolving to risks experienced in domains including cyber, intellectual property, renters, travel, home and contents, business, pet and others. Aggregators need to work hard with Insurance providers to underwrite such risks and simultaneously making efforts to spread awareness among the Tier II and Tier III cities of India. Aggregator firms could also emphasize upon rewarding customers upon fulfillment of precautionary measures specified for each insurance product.

Time Period Captured in the Report:-

Historical Period – FY’2016 – FY’2019

Forecast Period – FY’2019 – FY’2024E

Companies Covered:-

Policy Bazaar




ET Insure

Compare Policy

Key Topics Covered in the Report:-

Snapshot on Insurance Industry in India

Distribution of Insurance in India

Overview of Insurance Web Aggregators

Operating Business Models (Online broking V/s Online Aggregators)

Regulations by IRDA for Web Aggregators

India Web Insurance Aggregators Market Size

India Web Insurance Aggregators Market Segmentation

Competitive Landscape of Major Insurance Web Aggregators

Cross Comparison of Major Players on Key Performance and Operational Indicators

Key Trends and Developments

India Web Insurance Aggregators Future Market Size

India Web Insurance Aggregators Future Market Segmentation

Total Addressable Market for the Players, FY’2019-FY’2024E

Analyst Recommendations for New and Incumbent Players

Interview with Mahavir Chopra, Chief Business Officer at Coverfox Insurance

Interview with Naval Goel, CEO at PolicyX, India

For More Information on the research report, refer to below link:-

India Web Insurance Aggregator Market

Related Reports:-

India Online Insurance Outlook to 2019 – Driven by Internet Growth and Web Aggregators Industry

Interview of Naval Goel, Chief Executive Officer at on insights of the Web Insurance Aggregators Market in India: Ken Research

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s