Malaysians are embracing digital channels for their insurance needs. The market is currently in growth stage, with increasing adoption driven by a wide network of agents, insurance aggregators, financial advisors and online websites. Malaysia Online Insurance market ecosystem constitutes of entities such as Insurance Companies (Offline & Online), Online Aggregators, and two regulatory bodies.
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Key Market Findings:
- During Covid pandemic, there has been a significant increase in online insurance users due to peoples’ preference for avoiding physical contact and demand for health insurance
- Government has provided support towards the online insurance industry by creating multiple agencies and regulatory bodies overseeing and assisting the operations of insurance players
- Mining social media data improves risk assessment for insurers, bolstering fraud detection capabilities, and new customer experiences.
Government Participation: Bank Negara Malaysia (BNM) is preparing a regulatory framework for digital insurers and digital takaful operators, to be finalized in 2022. The proposed framework aims to attract new digital players with innovative solutions to tackle protection gaps. Growing implementation of Life Insurance and Family Takaful by several government bodies across Malaysia is primarily driving the market for takaful insurance. Moreover, the wide presence of the Muslim population in the country is catalyzing the market growth.
Pandemic Growth: Due to COVID-19 lockdown restrictions & global automobile chip shortage, the Motor insurance segment is expected to grow by 1.9% in 2022, driven by an increase in vehicle sales. Telehealth services gained during pandemic. Restrictive measures amid pandemic motivated insurers to launch usage-based insurance policies to financially aid customer. They have launched digital solutions to safeguard customers.
Building Product Portfolio: Aggregator model is developing and is expected to increase in future due to easy comparisons and discounts. More than 80% of Malaysian consumers are willing to share their financial, health and other personal data to gain access to the additional value added services. Signaling consumers’ trust in their insurance providers, thereby opening the door for these insurers to build a stronger relationship with consumers. The digital channel of distribution for insurance solutions in the country gained traction due to the restrictive measures imposed in the country during pandemic.
The report titled “Malaysia Online Insurance Market Outlook to 2026F: Driven by a growth in demand for insurance at greater convenience and lesser cost in the country” by Ken Research suggested that the Malaysia Online Insurance market is expected to grow significantly owing to increased government focus, technological developments, development of Aggregators and increased convenience. The market is expected to register a positive five year CAGR in terms of gross direct premium during the forecast period 2021-2026F.
Key Segments Covered in Malaysia Online Insurance Industry
Malaysia Online Insurance Market
By Product type of Insurance basis Gross Premium
- Life Insurance
- Family Takaful
- General Takaful
- General Insurance
By Product type of General Insurance basis Gross Premium
- Motor Insuranc
- Medical & Health
- Employer’s liability
- Personal accident
By Type of Entity basis Gross Premium
- Captive Players
- Aggregator Players
- Financial Advisors
By Region basis Gross Premium
- Penang
- Johar
- Klang Valley & Selangor
Key Target Audience
- Insurance players
- Online Insurance Captive players
- Online Insurance Aggregators players
- Insurance Technology provider
- Insurance users
- New Entrant in Online Insurance space
- Associated or affiliated Banks with Insurance entities
- Regulatory Bodies for Insurance entities
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Time Period Captured in the Report:
- Historical Period: 2016-2021
- Forecast Period: 2022-2026F
Companies Covered:
Online Insurane Aggregators
- Policy Street
- Bjak
- Qoala
Online Insurance Captive Players
- Liberty Insurance
- Axa Affin Insurance
- eTiQa Insurance
- AIA Malaysia
- Takaful Ikhlas
- Tune Insurance
- Zurich Insurance
- Chubb Insurance
- Allanz Malaysia Berhad
- FWD Takaful
For more insights on the market intelligence, refer to the link below:-
Malaysia Online Insurance Market
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Singapore Online Insurance Market Outlook to 2026
Thailand Online Insurance Market Outlook to 2027F
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