London, 05 May 2015 – 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 the online life insurance market in India that is thriving on account of the application and implementation of big data analytics. Assimilating a huge amount of data and its further interpretation requires precision to arrive at accurate results.
“Big data technology can be used to integrate with other databases and accommodate the information obtained,” says Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
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