Market Trends of Life & Non-Life Insurance Industry
This section covers the major market trends shaping the Brazil Life & Non-Life Insurance Market according to our research experts:
Low Penetration of Life and Non-Life Insurance turns out to be an opportunity:
Life and Non-Life insurance market penetration is low in the country, however, there has been a slow growth since 2008 due to the development of life insurance policies. In 2018, the Gross premium written for Life and Non-Life was at USD 39 Billion and USD 34 Billion. Low penetration of life and non-life insurance in the country is an advantage, as it helps new entrants to grab the opportunity and acquire a good number of market share by providing better services compared to other companies and utilizing the competitive advantage. To meet customer demand, build customer loyalty and take advantage of the opportunities offered by digital technology, insurance companies are stepping up their efforts in product innovation, largely in the non-life sector. To tackle the rise of connected devices, insurers are investing in this new niche and launching connected insurance solutions in three key areas: motor, home, and health.
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Smart Phones helps insurers to gather evidence:
More than 70% of the population in Latin America now has access to a smartphone that connects them to the Internet and allows them to gather accurate, real-time data on incidents that can help insurers make claims faster. Most insurers are dealing with inefficient and siloed legacy systems along with the need to adopt digital technologies, particularly in the areas of data analytics and robotic process automation (RPA). Emerging market segments such as small and medium-sized enterprises (SMEs) and class C, D and E corporations must also be focused as potential sources of growth. More customers are adopting digital channels and, as in other nations, they expect more than ever from insurers, as they do from other types of businesses. Product portfolios are also evolving, with combined products and new life and pension products taking on a higher profile. Pay-per-use products have also been approved. There is continuing evolution on the distribution front as well, thanks to the growing professionalization of brokers, the ongoing rise of direct and digital channels, growing significance of bancassurance and partnerships, and focus on increasing sales via social media.
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