Technavio Announces Top Five Vendors in the Global Microinsurance Market from 2016 to 2020

LONDON–(BUSINESS WIRE)–#MicroinsuranceTechnavio
has announced the top five leading vendors in their recent global
microinsurance market
report. This research report also
lists seven other prominent vendors that are expected to impact the
market during the forecast period.

Competitive vendor landscape

According to Technavio researchers, developing markets such as China,
India, Thailand, and Nigeria exhibit a vast opportunity for
microinsurance companies to penetrate into. For instance, Africa is
expected to generate 50%-55% of the revenue on a global scale by 2020,
which highlights the vast job opportunities from an investment
perspective. Many developing countries have 50%-60% of the population in
the lower income groups that remain unserved or underserved. These
population groups continually expand at a rapid pace. Overcoming these
market hurdles like stringent capital norms and difficulty in credit
assessment of the insured are the biggest challenge.

Amit Sharma, a lead research analyst at Technavio, says, “It is
important to focus on the quality of the target market infrastructure,
political stability, and managing operational costs. For example, 40% of
global microenterprises do not perceive Africa as a growth opportunity
destination despite a positive economic growth and a large number of
lower income people. The growth of the nominal GDP in these developing
countries is largely driven by the micropopulation segment. Hence, a
boost in the GDP of these countries indicates growth in these segments,
creating more opportunities.”

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Top five global microinsurance market vendors

Alternative Insurance Company (AIC)

AIC is a major player in the insurance sector in Haiti. The company
provides multiline insurance products and services. It is focused on
providing auto, homeowners, commercial, life, group health, funeral, and
microinsurance products to low-income people, professionals, as well as
for medium, small, and large organizations and companies located in
Haiti.

The company is looking into the following strategic initiatives for
future growth opportunities:

  • Focus on a deeper penetration of its microinsurance products into the
    rural areas of Haiti
  • Plans on aligning with banks for better distribution of its products
    into the Haitian market

Bajaj Allianz

Bajaj Allianz offers health insurance, life insurance, and pension
products for customers in India. The company functions through
non-participating, participating, and linked segments. The company
focuses on providing term insurance plans, investment insurance plans,
savings plans, retirement plans, ULIP, group insurance plans, child
insurance plans, and rider products. It has approximately 708 offices
located in various cities in India, along with a solvency ratio of 797%
and claim settlement ratio of 96.66%.

The company is looking into the following strategic initiatives for
future growth opportunities:

  • Focus on investing in new engines of growth as well as in the latest
    digital technology
  • Delivering improved product portfolio with a high customer value

IFFCO Tokio General Insurance

IFFCO Tokio General Insurance offers customized insurance products that
cover small-scale farmers. The company has a strong presence PAN India
with its 69 strategic business units (SBUs), more than 124 lateral
spread centers (LSCs), and 295 Bima Kendras.

The company is looking into the following strategic initiatives for
future growth opportunities:

  • Focus on retail line of business along with mobilizing low-cost
    channels, such as individual agents, through co-operatives
  • Plans on carrying out structural changes in its organization along
    with upgrading its IT systems to improve business processes

Mapfre

Mapfre, with its business in 47 countries on five continents, offers
insurance products to customers worldwide. It also has 5,848 offices and
distributes its products via 8,932 branches of banking institutions and
other sales points.

Mapfre US (a subsidiary) provides casualty and property insurance along
with reinsurance services to clients in the US. At present, it functions
in 19 states in the country through a network of over 4,200 independent
agents and brokers. The company is also focused on offering various
insurance products such as coverage for homes, automobiles, watercraft
and businesses, motorcycles, along with term life insurance.

Pioneer Life

Pioneer Life is part of Pioneer Group and offers insurance products
across the Philippines. The company functions with a strong and
extensive network of 19 branch offices that includes eight shared
offices with Pioneer Insurance.

The company focuses on the following strategic initiatives for future
growth opportunities:

  • Focus on entering into strategic partnerships to expand its reach in
    the microinsurance market
  • Focus on the microinsurance market and offer innovative products to
    clients

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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at media@technavio.com.

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