LONDON--(BUSINESS WIRE)--With the rise in internet penetration in the country, the online life insurance market in India is expected to grow at a CAGR of 25.36% from 2015-2019, says research firm Technavio.
The proliferation of internet in India is fiercely driving the market for online life insurance products and services because of the growing awareness among the population.
“Although internet penetration is still relatively low compared to developed nations, the penetration rate is increasing rapidly, which is expected to impact the online life insurance market,” says Faisal Ghaus, Vice President of Technavio.
Various government initiatives like NeGP, SWAN and CSC are boosting internet use in India. The private sector is also inclined to exploit the untapped market by rolling out plans such as the Google Internet Bus project.
The new market research report by Technavio also highlights widespread implementation of big data analytics, which is helping the online life insurance market thrive in India. Assimilating and interpreting a huge amount of data and requires precision in order to generate accurate results.
“Big data technology can be used to integrate with other databases and accommodate the information obtained,” says Ghaus.
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Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
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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