Global Whole Life Insurance Market Report 2020: Market was Valued at $2600 Billion in 2018 and is Expected to Grow to $3526.8 Billion through 2022 – ResearchAndMarkets.com
The global whole life insurance market was valued at about
The whole life insurance providers market consists of sales of whole life insurance products that provide guaranteed death benefits during the entire life of the policyholder. Clients of these insurance providers are the general public who buy life insurance policies, either through an intermediary or direct selling.
The rise in disposable income in emerging countries such as
Lack of awareness about life insurance and complex insurance products are acting as a restraint on the whole life insurance market. A large number of people tend to invest in traditional investment instruments as they are unaware about the benefits of whole life insurance. According to a survey conducted by
Whole life insurance companies are increasingly investing in artificial intelligence and automation technologies for faster claims processing. Artificial intelligence (AI) is a simulation of human intelligence processes used by machines, commonly computer systems, to process and automate large amounts of data. Whole life insurance companies process large number of claims, customer queries and large amounts of diverse data that are being simplified using automation technologies.
Artificial intelligence is being used by insurance companies to provide coverage personalization, and faster and customized claim settlement. For instance, major insurance companies such as AXA and Generali have invested in artificial intelligence and automation technologies to simplify business operations and enhance customer experience.
Life insurance companies are monitored by regulatory bodies such as the
In 2018,
Major players in the market are Allianz, Assicurazioni Generali,
Other Companies Mentioned
- AXA
- CPIC
- Aviva
- Munich Re Group
-
Zurich Financial Services -
Nippon Life Insurance - AIG
- Prudential PLC
- Japan Post Holdings
- Berkshire Hathaway
- Manulife Financial
- Chubb
- Allstate
- Swiss RE
- Prudential Financial
- Travelers
- AIA
- Aflac
- Legal & General
-
Sumitomo Life Insurance - Aegon
-
Dai-ichi Mutual Life Insurance -
Gerber Life Insurance
For more information about this report visit https://www.researchandmarkets.com/r/9p7a0m
View source version on businesswire.com: https://www.businesswire.com/news/home/20191223005234/en/
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