Online insurance is a software programme or application that aids a business in creating, managing, and controlling the ecosystem of online insurance. Additionally, it is advantageous for businesses to offer insurance quotations online. An insurance managing general agent (MGA) can also establish, administer, and regulate the online insurance ecosystem thanks to the online insurance platform. These platforms integrate many systems and modules in the online insurance ecosystem.
According to SPER market research, ‘Malaysia Online Insurance Market Size– By Product Type, By Type of Entity- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Malaysia Online Insurance Market is predicted to reach USD XX billion by 2032 with a CAGR of XX%.
The Malaysian online insurance market has seen significant growth due to factors like widespread smartphone and internet usage, tech-savvy citizens, affordable insurance options, and the ease of purchasing insurance online. Malaysia has a young and digitally inclined population who prefer the convenience and cost-efficiency of buying insurance online compared to traditional methods involving insurance brokers. Factors like government focus, technological advancements, the emergence of aggregators, and improved convenience are expected to further boost the Malaysian online insurance market, encompassing both motor and non-motor insurance. Post-pandemic, automation and personalization through technology are expected to dominate the insurance sector, driving both insures and traditional insurers to embrace digital sales, particularly in motor, travel, and personal accident insurance. The online insurance process eliminates intermediaries, reducing costs for both insurers and customers, making it the preferred choice for insurance purchases.
However, despite the expansion of online insurance, some facets of the population continue to lack awareness. The advantages and possibilities for coverage provided by internet insurance providers may not be fully understood by many prospective consumers which reduces the market expansion. Additionally, in the insurance industry, establishing consumer trust is essential. Due to doubts about the validity and dependability of internet providers, some clients may be hesitant to buy insurance online, especially for more sophisticated products like life insurance. These are some of the factors that hinders the expansion of the Malaysia online insurance market.
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Moreover, the COVID-19 pandemic has prompted significant changes in how businesses operate across various industries, including insurance. Prolonged lockdowns forced insurance companies to heavily rely on their digital infrastructure for tasks ranging from marketing policies to claims processing. The pandemic has also raised public awareness about health insurance, leading to a notable increase in its sales. Factors like the pandemic, increased smartphone and internet usage, cost-effective infrastructure, and low operational costs have driven the demand for online insurance services in Malaysia. Insurance companies are actively working to cater to the previously underserved and untapped online market. The pandemic has accelerated the digitization of Malaysia’s life insurance sector, allowing insurers to transition to a digital operational model. With more people going online, a preference for contactless interactions, and heightened demand for healthcare, COVID-19 has fueled the expansion of the insurance industry.
Additionally, some of the market key players are AIA Malaysia, Chubb Insurance, eTiQa Insurance, FWD Takaful, Liberty Insurance, Policy Street, Others.
Sara Lopes, Business Consultant — USA
SPER Market Research