Europe Online Insurance Market Sees Unprecedented Growth Amid Digital Shift
Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) — The “Europe Online Insurance Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
The Europe Online Insurance Market is poised for significant growth, with projections indicating a Compound Annual Growth Rate (CAGR) of 7% during the forecast period of 2023-2028. This growth trajectory is primarily driven by the ongoing digital transformation in the insurance sector, a change that has accelerated due to the COVID-19 pandemic.
Digital Transformation in the Insurance Sector
The insurance industry, traditionally reliant on personal brokers and agents, is witnessing a fundamental shift toward digital channels. While more than 99% of life insurance policies are traditionally sold through in-person or intermediary channels, the landscape is rapidly evolving:
- Online sales in the European insurance market are burgeoning, with countries like Denmark seeing over 80% to 90% of their sales conducted online.
- In Estonia, some companies operate exclusively through online sales.
- In Italy, 7% of car insurance sales are conducted online, reflecting a growing trend across the continent.
COVID-19: A Catalyst for Digital Insurance
The pandemic has accelerated the adoption of digital tools in the insurance sector. Key developments include:
- A shift to chat and videoconference tools, replacing traditional face-to-face interactions.
- An increase in the use of software and InsurTech applications by brokerage firms to enhance efficiency and customer service.
- The growing importance of price comparison websites, aiding consumers and insurance companies in making informed decisions.
Insurtech Funding and Innovations
The European InsurTech sector experienced a record-breaking funding year in 2021, with approximately EUR 2.5 billion invested across 92 deals. This surge reflects the sector’s maturity and the increasing prevalence of large-scale investment rounds.
Competitive Landscape
The European online insurance market features a mix of traditional players and emerging InsurTech companies. Major traditional insurance companies, such as Allianz SE, Assicurazioni Generali, AXA SA, and Munich Re, are increasingly partnering with tech firms to stay competitive. Meanwhile, smaller InsurTech firms are disrupting the market with tailored solutions, presenting a challenge to established entities.
Conclusion
The Europe Online Insurance Market report comprehensively covers these trends, offering detailed insights into the evolving landscape of digital insurance. This shift represents a fundamental change in how insurance products are distributed and consumed, signaling a new era for the European insurance industry.
For more information about this report visit https://www.researchandmarkets.com/r/j4g4ls
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