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According to the life insurance market analysis, Technavio’s market research analyst predicts the life insurance market in Southeast Asia to grow at a CAGR of about 8% during the forecast period. The solutions provided by the top life insurance vendors are optimizing the underwriting process in this market. This has led to a risk-based capital regime that is raising the capital demand for variable life annuities and could lead to a higher premium. Insurance companies are using the underwriting practices to help cut down the administration costs and curb risks through various regulatory compliance. This has increased the customers' demand for a more guaranteed assurance by the top life insurance vendors.
The emergence of new distribution channels such as the workplace is anticipated to aid the market growth during the forecast period. Many top life insurance vendors are formulating different strategies to target different customer segments through the use of integrated workplace-marketing tool machine. This makes it easier for life insurers to provide different life coverage policies. Moreover, companies are also clubbing different life insurance products and offering them as a single customer-friendly package. This has encouraged many employed policyholders to save money for their retirement and avail tax benefits on it.
Singapore constituted 48% of the market share during 2015. In the current market scenario in Singapore, customers are seeking more coverage and additional benefits, which can be offered by integrating life insurance plans. For this, life insurance vendors should come up with innovative solutions to exercise prudence so that they are financially strong and can fulfill the promises to the policyholders during the forecast period.
In the present market scenario, new underwriting capabilities will remove the need for time-consuming parts, such as going through a medical check, of the life insurance process. This will also help the top life insurance vendors to analyze the new data. This new data will help in improving the customer experience of buying life insurance products. It will also assist in improving the life policy and underwriting decisions, thereby increasing the speed, efficiency, and accuracy.
The top vendors in the market are
Other prominent vendors in the market include Aviva, AXA, Great Eastern Life, HSBC, NTUC Income, and Tokyo Marine.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Country segmentation
PART 07: Market drivers
PART 08: Impact of drivers
PART 09: Market challenges
PART 10: Impact of drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Appendix
PART 14: Explore Technavio
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