Rise in Use of Business Processing Outsourcing to Drive Life Insurance Market in South East Asia

Published Date : Aug 01, 2016

ALBANY, NY, Aug 01, 2016: MarketResearchReports.biz has announced the addition of a new report to its repository. The report, titled “Life Insurance Market Southeast Asia 2016-2020,” examines the existing market scenario of the market in the region and forecasts the market’s growth rate and market size by 2020. 

According to the report, the South East Asia market for life insurance will rise at a CAGR of 8% between 2016 and 2020. The study is titled “Life Insurance Market in South East Asia 2016-2020. It offers a complete overview of the current trends, future growth prospects, and the performance of the South East Asia life insurance market in the past years.

Growth of the life insurance market in South East Asia is expected to be supported by the advent of new distribution channels. Many life insurance sellers are coming up with innovative marketing strategies in order to attract more customers. Many customer-friendly packages are being clubbed together and integrated workplace marketing tools- machine for a customer friendly approach are being implemented in this process.

The report highlights that the financial crisis of 2007 shattered many economies worldwide and triggered a negative shift in consumer demand for life insurance. Moreover, it also reduced the industry’s market penetration. Due to this the companies in this sector started opting for new approaches to make up to the set back the crisis caused them.

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Currently promising new underwriting capabilities taken up by companies will remove the need for the time-consuming processes in this sector, for example the need for the policy holders to go through a medical checkup. In this process, Singapore took the lead with a market share of 48% in the year 2015 by providing customers with integrated life insurance plans as customers seek more exposure and extra benefits. Meanwhile, due to this breakthrough in the life insurance market in South East Asia, the customers will have new experiences in the process of buying life insurance products. 

The report states that the compilation of life insurance companies to provide customers with a complete package will inspire many working policy holders to save for their retirement and gain tax benefits. The report analyses the market’s position in countries such as Malaysia, Singapore, the Philippines, Indonesia, and Thailand. The report uses the gross life premium value to calculate the market size in these regions. Other regions covered in the report are Brunei, Laos, Burma, Cambodia, and Timor-Leste.

The key vendors in the market are The Manufacturers Life Insurance (Manulife), AIA, Great Eastern Life, Prudential Financial, Aviva, NTUC Income, AXA, , HSBC, and Tokyo Marine. The recent developments in the market by the core companies has also been mentioned in the report.

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