1. Singapore Insurance Market is highly fragmented with the top nine players contributing to a major share of market
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The Industry is in a growing stage with the market being highly fragmented. The competition parameters for the market are:
- Product Portfolio
- Number of Policy Holders
- Target for Tele Sales representatives
- Premium collected from Policyholders
2. The target population in the Singapore Online Insurance Market can be segmented by age, gender, income of the insured & type of insurance
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- Target Population by type of Insurance: Insurers can target health & life insurance policies. Demand in Life Insurance owing to the pandemic is expected in medium term. Moreover, a short term demand in travel insurance due to the reduction of travel restrictions in Singapore is also expected.
- Target Population by income of Insured: Households with SGD 40k below are expected to take more insurance policies.
3. The Singapore Online Insurance Market is expected to grow by CAGR of 9.6% between 2021 & 2026F, owing to the implementation of technology enabled services
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- Technology enabled services led by the insurtech innovation will thrive in Singapore. Singapore has one of Asia’s largest concentration of ~80 Insurtech start-ups in 2021.
- An increase in the future motor insurance product offering due to increasing EV vehicles is anticipated owing to Singapore Green Plan 2030