New Delhi, Jan. 26, 2023 (GLOBE NEWSWIRE) -- As the Taiwan online P&C insurance market is currently in a fledgling state, with only a handful of insurers offering digital sales capabilities, the potential for growth in the sector is significant. According to our study, only 2% of P&C insurance premiums in Taiwan were sold online in 2018, which is significantly less than the 15% in South Korea and 10% in China. However, the market has seen a significant improvement in the overall adoption in last 4 years and the number has reached to over 9%.
Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/taiwan-online-property-casualty-insurance-market
The main reason for the lack of online sales is due to low awareness of the option among consumers and a lack of understanding of how to purchase policies online. However, as technology continues to advance and more and more people turn to the internet to make their purchases, the Taiwan insurance market is expected to see a significant increase in online premiums.
Astute Analytica says that by 2030, 30% of all P&C insurance premiums in the Taiwan online P&C insurance market will be sold online. This is a ten-fold increase from 2018 levels, and it is driven by the increasing popularity of mobile devices and internet usage in Taiwan. With over 80% of the population owning a smartphone and internet penetration reaching 70%, insurers have a large potential customer base to reach with their digital offerings.
As insurers become more sophisticated in their use of data and analytics, they will be able to identify and target potential customers more effectively. This will allow insurers to offer more personalized products and experiences, which will further drive the uptake of online insurance products. The Taiwan insurance industry is on the cusp of a digital revolution, and insurers that are able to adapt and capitalize on this trend will be the ones that come out on top.
Astute Analytica’s Survey Reveals 48% of Market Players are Facing Challenges Acquiring New Customers in Taiwan Online P&C Insurance Market
The survey of Taiwan Online P&C insurance market finds that while the majority of respondents (56%) said their organizations have no plans to offer P&C insurance products online, a significant minority (44%) are planning to offer them in the next 12 months. Of those who are planning to offer online P&C insurance products, nearly half (48%) said they would do so within the next six months, and another quarter (26%) said they would do so within the next 12 months. The remainder were unsure or did not respond.
When asked about the reasons for their plans to offer online P&C insurance products, respondents cited several factors, including customer demands (54%), competitive pressure (40%), and lower costs (36%). Other reasons given included improve customer service (30%), regulatory pressure (24%), and a desire to reach new customers (20%).
When asked about the challenges in the Taiwan online P&C insurance market they anticipate in offering online P&C insurance products, respondents cited several factors, including customer acquisition (48%), product customization (46%), and integrating with existing systems (42%). Other challenges mentioned included pricing (38%), fraud detection (34%), and ensuring a good user experience (30%).
Top 4 Players Generates Over 40% Market Revenue and Taking Every Possible Efforts to Keep Their Position Intact
The Taiwan online P&C insurance market is highly concentrated, with the top 4 companies accounting for a significant market share of over 40%. These companies, namely Fubon Insurance Co Ltd, Hotai Motor, The Taiping Insurance Co., Ltd, and Shin Kong Fire & Marine Insurance Co. Ltd. have established themselves as market leaders through their strong brand presence, extensive distribution networks, and diversified product portfolios.
These companies have also been instrumental in driving the market's growth through their investment in technology and digitalization efforts. They have been leveraging advanced technologies such as blockchain, AI, and big data analytics to improve their customer experience, streamline their operations, and enhance their fraud detection capabilities.
Most of these players in the Taiwan online P&C insurance market have been actively expanding their customer base through strategic partnerships, acquisitions, and collaborations. For instance, Fubon Insurance has formed a strategic alliance with Taiwan's leading mobile wallet provider, Line Pay, to offer customers a seamless and secure way to purchase insurance policies.
These market leaders are also focusing on sustainable and responsible investments to drive growth and cater to the changing customer demands. They are actively investing in renewable energy and social impact funds, which are becoming increasingly popular among Taiwanese customers. These investments not only provide a positive impact on the environment and society, but also generate a stable return for the company and its shareholders.
Astute Analytica Found 65% of Revenue in Taiwan Online P&C Insurance Market Comes From 1 Year policy Plan
According to recent market research, the one-year coverage segment dominates the Taiwan online P&C insurance market, accounting for a staggering 65% of the overall market share. This trend is driven by several factors, including the convenience of purchasing insurance online, the ability to compare and select coverage options quickly, and the increasing awareness of the importance of having insurance among Taiwan consumers.
Government data shows that the number of online insurance policies sold in Taiwan has been steadily increasing in recent years, with a significant spike in 2020, as the COVID-19 pandemic has led to a greater awareness of the need for protection against unexpected events. Additionally, data from insurance providers in the Taiwan online P&C insurance market shows that the majority of online insurance policies sold in Taiwan are for one-year coverage, with the most popular products being personal accident, travel, and health insurance.
Insurance providers in Taiwan are also responding to the trend by offering a wide range of one-year coverage options and providing customers with personalized recommendations based on their needs and budget. With easy access to information and a wide range of options, consumers in Taiwan are increasingly turning to online insurance providers for one-year coverage.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/taiwan-online-property-casualty-insurance-market
Taiwan online P&C Insurance Market: Trends and Outlook.
The COVID-19 pandemic has had a significant impact on the insurance industry in Taiwan, with the P&C insurance sector showing relative resilience with a premium growth of 2.8% in 2020.
- The pandemic has accelerated the trend towards online insurance, with online sales of P&C insurance products in Taiwan growing by 27% in 2020. The increasing penetration of mobile devices and internet access, and changing consumer behavior are driving this trend.
- Insurers are investing in their digital capabilities and improving their online customer experience to respond to this trend.
- The pandemic has also accelerated the shift towards health and wellness products in the Taiwan online P&C insurance market, with an increase in demand for policies that cover fitness and health-related activities. Sales of health insurance policies rose by 30% in Taiwan during 2020.
- Sustainability is becoming an increasingly important issue for Taiwanese consumers, with growing awareness of environmental issues and social responsibility translating into increased demand for green products.
Some of the Top Market Players Are:
- AIU Insurance Company
- Asia Insurance Co., Ltd.
- BIDV Insurance Corporation
- Cathay Century Insurance Co Ltd.
- Chung Kuo.
- Mitsui Sumitomo Insurance Co., Ltd.
- Fubon Insurance Co., Ltd
- Hotai Motor
- Shin Kong Fire & Marine Insurance Co., Ltd.
- HUA NAN FINANCIAL HOLDINGS CO., LTD.
- Taian Insurance Co., Ltd
- Taiwan Fire & Marine Insurance Co., Ltd.
- PCA Assurance Co., Ltd.
- The Taiping Insurance Co., Ltd.
- Tokio Marine Newa Insurance Co., Ltd
- Union Insurance
- Zurich Insurance (Taiwan) Ltd.
- Other Prominent Players
Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/taiwan-online-property-casualty-insurance-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com
