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Non-Life Insurance Market in Iran to Grow by USD 1.61 Billion from 2024-2028, Driven by Rising Insurance Demand and AI-Redefined Market Landscape – Technavio

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NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with market evolution powered by AI – The non life insurance market in iran size is estimated to grow by USD 1.61 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 2.4% during the forecast period. Increasing demand for insurance policies is driving market growth, with a trend towards emergence of digital marketing platforms. However, data privacy and security concerns in insurance technology poses a challenge.Key market players include Arab Insurance Group, Arman Insurance, Asia Insurance Co., Bimeh Iran Insurance Co., Hekmat Saba Insurance, Mellat Insurance Co., Omid Insurance Co., Parsian Insurance, Pasargad Insurance Co., Razi Insurance Co., Saman Insurance, Sarmad Insurance Co., Taavon Insurance Co., and Tejarat Insurance Co..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Distribution Channel (Direct, Brokers, Banks, and Others), Product (Health insurance, Motor insurance, Fire insurance, Marine insurance, and Others), and Geography (Middle East and Africa)

Region Covered

Iran

Key companies profiled

Arab Insurance Group, Arman Insurance, Asia Insurance Co., Bimeh Iran Insurance Co., Hekmat Saba Insurance, Mellat Insurance Co., Omid Insurance Co., Parsian Insurance, Pasargad Insurance Co., Razi Insurance Co., Saman Insurance, Sarmad Insurance Co., Taavon Insurance Co., and Tejarat Insurance Co.

Key Market Trends Fueling Growth

The non-life insurance market is experiencing significant growth due to the increasing use of digital marketing platforms, particularly social media. With over 56% of the global population having Internet access and the number expected to rise, insurance firms are leveraging social media to expand their market reach and increase awareness of their product offerings. Social media provides several benefits, including easy access to product information, quick customer response, high competitive advantage, easy interaction with customers, and enhanced relationships with social media users. However, in markets with government-sponsored Internet censorship, such as Iran, local ad platforms can serve as alternatives for insurance brokerage firms to engage with customers and address insurance queries, collect feedback, and provide policy updates. These factors are expected to drive the growth of the non-life insurance market during the forecast period. 

The Non-Life Insurance market is experiencing significant trends shaping its future. Mobile apps and online platforms are transforming how customers buy and manage their insurance policies. The aging population demands retirement products and solutions for longevity risk. Cybersecurity is crucial in the digital age, with cyber insurance gaining popularity. Natural disasters necessitate parametric insurance for swift payouts. Financial inclusion through digital banking and insurance literacy campaigns expand market reach. Medical emergencies, property damage, and casualty incidents require comprehensive coverage. Legal responsibilities dictate policy length, with permanent and term life policies catering to various needs. Motor insurance addresses cyber risk, and insurance technology enhances damage coverage for theft and burglary. Co-passengers’ safety, financial security, and customer satisfaction are key. Insurance penetration and premium growth depend on financial literacy and personalized services. Trust-based relationships and educational campaigns foster transparency and combat insurance fraud.

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Market Challenges

Financial organizations face significant barriers in adopting insurance technology solutions due to data privacy and security risks. Big Data and Artificial Intelligence (AI) offer advanced capabilities to track, retrieve, and analyze data from connected servers. However, these technologies also bring potential vulnerabilities. IT infrastructure, often built on open-source codes, can contain glitches and flaws. Cloud-based data storage systems, which are multi-tenant and based on open architecture, pose additional risks. Hackers can easily access these systems and exploit vulnerabilities, raising concerns among organizations. As a result, the adoption of insurance technology may be limited during the forecast period. Organizations must prioritize data security measures to mitigate these risks and unlock the full potential of insurance technology.Non-life insurance, also known as general insurance, covers financial loss due to various risks such as motor, burglary, or theft. Unlike life insurance, it doesn’t provide coverage for death but rather for damages and financial losses. Legal responsibilities, like motor insurance, have mandatory policy lengths. Permanent policies offer long-term coverage, while term life policies are for specific periods. Coverage includes damage, theft, and co-passengers. Financial security is crucial, but insurance penetration remains low due to legal complexities, premium growth, and financial literacy. Challenges include insurance fraud, cyber risk, and consumer protection. Technology, like insurance tech, cybersecurity, data analytics, machine learning, and blockchain, is transforming the industry. Personalized services, trust-based relationships, and educational campaigns are essential for customer satisfaction. Health and travel insurance are popular customer-centric products. Underwriting processes must balance risk and reward, and digital transformation continues to shape the industry.

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Segment Overview

This non life insurance market in iran report extensively covers market segmentation by

Distribution Channel1.1 Direct1.2 Brokers1.3 Banks1.4 OthersProduct2.1 Health insurance2.2 Motor insurance2.3 Fire insurance2.4 Marine insurance2.5 OthersGeography3.1 Middle East and Africa

1.1 Direct- Insurance firms historically relied on middlemen, such as agents and brokers, to sell their non-life insurance products. These intermediaries helped educate the public about insurance and operated on commission. However, with the rise of digital transformation and increasing internet usage, insurance companies have shifted their marketing strategies. According to The World Bank Group, internet usage increased from 45.33% in 2015 to 84.1% in 2020. Insurance companies now sell their products online through websites, social media, and digital platforms. This shift from a push product to a pull product is primarily due to the focus on digital channels. The COVID-19 pandemic further accelerated this trend, with lockdowns forcing insurers to sell directly to consumers, increasing sales and ensuring survival. These factors are expected to fuel the growth of the non-life insurance market during the forecast period.

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Research Analysis

Non-life insurance, also known as general insurance, provides coverage for financial loss due to various risks such as property damage, medical emergencies, and liability claims. With increasing life expectancy, financial planning has become crucial, and non-life insurance plays a vital role in securing financial security. Underwriting processes ensure the assessment of risks before issuing policies, which may vary in length from permanent to term. Coverage for customer-centric products includes property insurance, casualty insurance, and travel insurance. Cybersecurity threats pose new challenges, necessitating specialized policies. Life expectancy influences the design of insurance policies, with pensioners requiring long-term coverage. Legal responsibilities and financial literacy are essential for consumers, who must understand policy terms and insurance penetration rates. Premium growth in the non-life insurance sector is influenced by factors like inflation, economic conditions, and demographic changes. Insurance fraud is a significant concern, and consumer protection measures are essential. Digital transformation is revolutionizing the industry, enabling easier access to insurance products and improved customer experience.

Market Research Overview

Non-life insurance, also known as general insurance, provides coverage for financial loss due to various risks excluding the risk of death. With an aging population and increasing life expectancy, non-life insurance becomes essential for financial planning. Underwriting processes ensure the risk assessment and pricing of policies. Customer-centric products include health, travel, and retirement plans. Cybersecurity threats, natural disasters, and parametric insurance are significant concerns. Data analytics, artificial intelligence, and blockchain technologies are transforming the industry. Health insurance covers medical emergencies, while travel insurance protects against trip cancellations and baggage loss. Consumer protection, digital transformation, and financial inclusion are crucial. Cyber insurance shields against cyber risks, and insurance technology streamlines claims processing. Policy length, coverage, and financial loss vary between permanent and term life policies, motor insurance, and casualty insurance. Legal responsibilities and policy length impact customer satisfaction, trust-based relationships, and financial literacy. Insurance penetration and premium growth depend on educational campaigns and personalized services. Digital banking and online platforms offer convenience, while financial literacy combats insurance fraud.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelDirectBrokersBanksOthersProductHealth InsuranceMotor InsuranceFire InsuranceMarine InsuranceOthersGeographyMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Green Cubes Technology Unveils Revolutionary Swappable Power Platform for Mobile Workstations

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Innovative Swappable Power Platform is designed for mobile medical and industrial workstations

KOKOMO, Ind., Nov. 6, 2024 /PRNewswire-PRWeb/ — Green Cubes Technology, a leader in providing cutting-edge power solutions, today announced the launch of its innovative Swappable Power Platform designed for mobile medical and industrial workstations. This breakthrough AC platform aims to streamline the power system design process for manufacturers, providing a cost-effective and time-saving solution for powering mobile workstations.

The Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes, “making the conversion to power as simple as design in and go.”

The Swappable Power Platform is a complete pre-engineered energy storage solution that includes three essential components:

1. Battery Assembly:

Utilizes LiFePO4 technologyOffers 290Whr at 19.2 volts nominalDelivers a continuous power output of up to 300WCompliant with IEC 62133 standards

2. Cart Power Module:

Supports one or two batteries with 300 Watt continuous power outputAvailable models with 120VAC @ 60 Hz and 230VAC @ 50 Hz outputFeatures universal input from 100VAC to 230VAC @ 50Hz to 60 HzIncludes 2 minutes of integrated battery backup for hot swap operationCharges both internal integrated and external swap batteriesMeets IEC 60601 standardsOptional remote LCD display available

3. Charger:

Capable of charging two or four batteries simultaneouslyUniversal input from 100VAC to 230VAC @ 50Hz to 60 HzCompliant with IEC 60601 standardsOptional remote LCD display available

“Designed with the OEM in mind, the Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes. “This makes the conversion to power as simple as design in and go.”

Exceeding the highest performance for equipment manufacturers, the Green Cubes swappable battery platform offers a highly accurate state-of-charge display with a five-stage LED indicator. Its advanced technology, featuring cell balancing, ensures maximum cycle life and runtime.

About Green Cubes Technology
Green Cubes Technology develops and manufactures safe and reliable electrification solutions that enable its OEM and enterprise customers to transition from Lead Acid and Internal Combustion Engine (ICE) power to Lithium-ion battery power. Green Cubes utilizes proven hardware and software platforms to build the most reliable Lithium power solutions in its industries. With over 300 employees across six countries, Green Cubes has been producing innovative, high-performance and high-quality power solutions since 1986. For more information about Green Cubes Technology and its innovative power solutions, please visit http://www.greencubes.com.

Media Contact

Hayley Luz, Green Cubes Technology, 425-918-2742, hluz@greencubes.com, www.greencubes.com

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Big wins await retailers that focus on the first and final hours of seasonal sales

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Criteo research finds that online sales in the opening and closing hours of Singles Day capture over 300% increase in transaction volume across Southeast Asia

SINGAPORE, Nov. 7, 2024 /PRNewswire/ — Criteo (NASDAQ: CRTO), the commerce media company, today unveiled key insights from the 2023 Singles’ Day sales across Southeast Asia (SEA) and Greater China.

Singles’ Day (11/11) presents an enormous opportunity for retailers in these regions to connect with consumers at crucial decision-making moments, build brand loyalty and stand out from the competition. In 2023, online retail transactions in SEA surged 140% compared to the first week of October, and the average basket size increased by 16% compared to the same baseline. In Greater China, online retail transactions grew 237% while the average basket size saw a 6% uptick.

“As the year-end sales season draws near, it’s timely to glean past insights to better seize the opportunities that lie ahead,” said Taranjeet Singh, Managing Director, Venture Markets, APAC at Criteo. “One thing is clear: such e-commerce events hold tremendous potential and impact for brands and retailers to capitalise on the moment. In providing these datasets, we hope to empower our brand and retail partners to maximise sales opportunities and enhance customer experiences as Singles’ Day draws around once more.”

Key findings: 

1.    Singles’ Day is the largest seasonal sales opportunity for retailers

Across the board, all sales metrics perform higher on Singles’ Day – be it online retail transactions, unit sales, and average basket sizes. This marks consumers’ willingness to spend during this period, which is widely known for its festive deals, loyalty promotions, and immersive e-commerce experiences.

In Southeast Asia:

Online retail transactions surged by 140% compared to the first week of October 2023.In comparison, sales on Black Friday 2023 increased 101% from the first four weeks of October 2023.Unit sales, which denotes the number of individual items sold, skyrocketed by 178%, compared to 139% in 2022.During Cyber 6 (Black Friday to Cyber Wednesday 2023), sales increased 4% compared to the same period in 2022.The average basket size, which indicates the quantity of products purchased per transaction, also saw a notable uptick of 16%, compared to the first week of October 2023.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise Baby & Toddler (+407%), Health & Beauty (+352%) and Furniture (+277%). 

In Greater China:

Online retail transactions surged by 237% compared to the first week of October.In comparison, sales on Black Friday 2023 rose 58% from the first four weeks of October 2023.Unit sales saw a 257% increase, compared to 248% in 2022.Sales during Cyber 6 (Black Friday to Cyber Wednesday 2023) increase 2% compared to the same period in 2022.The average basket size saw an uptick of 6%, compared to the first week of October.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise: Health & Beauty (417%), Home & Garden (326%), Luggage & Bags (311%) and Toys & Games (311%).Online transactions saw a 9% Year-on-Year growth on Singles’ Day.Interestingly, average order values showed an increase of 14%, with the average unit price going up by 7%.

2.     Shoppers are prepared to spend the most during the first and last hours of Singles’ Day

Shopper activity tends to spike in the first (12AM – 1AM) and last hours (11PM – 12AM) of the day. Early bird shoppers are a segment of shoppers who tend to prepare their shopping baskets ahead of time in anticipation of discounts and offers. These early bird shoppers represent a crucial segment for brands to capitalise on by offering flash discounts or loyalty promotions. Meanwhile, last-minute shoppers tend to seize deals available at the day’s final hours – marking a final opportunity to convert buyers who hold out until the very end for a good deal. Savvy retailers that take note of this pattern will leverage their retail media platforms to drive and serve ads in the lead-up to and prior to the closing of these sales events.

The first hour of Singles’ Day (12AM – 1AM) sees the greatest spike in SEA online transactions (+325%) and unit sales (+370%), compared to baseline sales at the start of October.This trend is reversed in Greater China, with online transactions (+345%) and unit sales (363%) spiking in the final hour of Singles’ Day (11PM – 12AM).

3.      ‘Tis the season to convert new buyers: conversion rates are exceptionally high during Singles’ Day

In the past few years, Singles’ Day has consistently recorded substantial spikes in new purchases by new buyers. While the number of new buyers fell in 2023, there is still a clear opportunity to convert new customers and establish lasting customer relationships during this period. Retailers who can build on this momentum of first-time buyers during Singles’ Day will also see the chance to ensure continued patronage as the holiday season progresses.

Singles’ Day 2023 saw a whopping 63% increase in new shoppers in SEA compared to the month of October.

Taking action:

Sales events such as Singles’ Day are becoming more important for consumers today and represent a growing opportunity for retailers and brands. To realise the true potential of such events, retailers and brands should follow these key learnings for sales season:

1.     Starting Early Matters: with sales events recording much higher-than-average transaction figures, ensuring the relevant media collateral and sales logistics are ready in advance will be helpful to signpost and facilitate consumer purchases. Shoppers tend to plan their purchases in advance, and 47% of consumers globally[1] tend to start their search at retailers rather than search engines, when they know the general type of item they want to buy. As retail media continues to grow with new formats such as offsite and in-store, using retail media allows brands and retailers to engage shoppers further up the funnel, to aid product discovery and boost brand awareness.  Kicking off new campaigns early also ensures campaigns are optimised as shoppers start researching. Brands can also gain a sales boost by expanding their retailer sets to small or medium-size retailers.

2.     Go Full-Funnel: Retail media can help drive positive outcomes during sales events and build lasting customer relationships. Layering sponsored products and offsite campaigns push the needle in capturing new and returning customers during such events and keeping the brand or retail platform top of mind. Keeping in mind that shoppers tend to view several brands before deciding, these tactics also build brand appeal and create a strong impression with shoppers in each stage of their shopping journey.

3.     Be Diligent with Speed: There is increased shopper activity in the first and final hours of these sales events. Savvy retailers and brands drive additional sales by leveraging the data to plan budget accordingly and positioning key advertisements in front of these shoppers in those critical moments.

Methodology

Criteo captures organic data from 20 countries, 600 product categories and over 19,000 advertiser clients. Indexed sales are monitored on retailers who partner with Criteo Marketing Solutions and Criteo Retail Media. Criteo data includes only product categories represented by at least 5 retailers at the most granular level. Organic data means that all events from our clients, including those not attributed to Criteo, are leveraged. This allows us to produce insights regarding the market rather than Criteo campaigns.

About Criteo 

Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.

[1] Criteo shopper survey, Q3 2024, Global (N=7120)

Criteo 2023 Holiday Shopping Season Country-Specific Findings 

In Singapore:

Singles’ Day remains the largest seasonal sales opportunity for retailers in Singapore, with online sales skyrocketing +159% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 104%, compared to the first four weeks of October 2023.

In Indonesia

Singles’ Day remains the largest seasonal sales opportunity for retailers in Indonesia, with online sales skyrocketing +194% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 56%, compared to the first four weeks of October 2023.

 

View original content:https://www.prnewswire.com/apac/news-releases/big-wins-await-retailers-that-focus-on-the-first-and-final-hours-of-seasonal-sales-302298185.html

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CapBridge is an Authorised Distribution Partner of UBS’s First Tokenised Money Market Fund, uMINT

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SINGAPORE, Nov. 7, 2024 /PRNewswire/ — On November 1st, UBS Asset Management announced the launch of its first tokenised investment, UBS USD Money Market Investment Fund Token (uMINT).  CapBridge, a digital investment platform and a member of FOMO Group, has been selected as an authorised distribution partner of uMINT, offering this innovative investment product to its corporate and institutional clients.

Built on the Ethereum blockchain, the launch of uMINT forms part of the broader expansion of UBS’s tokenisation services through UBS Tokenize. Tokenholders can now access UBS Asset Management’s institutional grade cash management solutions underpinned by high quality money market instruments based on a conservative, risk-managed framework. UBS’s tokenisation services seek to address growing investor demand for tokenised financial assets across asset classes.

Johnson Chen, Founder and CEO of CapBridge, said, “At CapBridge, we are always committed to bridging the gap between digital and traditional assets. The launch of UBS’s first tokenised money market fund highlights the synergy between traditional banking and digital asset innovation. CapBridge is delighted to be an authorised distribution partner of uMINT, contributing to the greater mission of making digital finance products more accessible to a wider range of investors and moving towards the seamless integration of traditional and digital finance.”

Earlier in May this year, CapBridge was also selected to be the international partner for Hong Kong’s virtual asset ETFs, namely spot virtual asset ETF products issued by Bosera Asset Management, China Asset Management, and Harvest Global Investment listed on the Hong Kong Stock Exchange.

Looking ahead, CapBridge remains dedicated to serving as a one-stop platform for investors looking to invest in both traditional and digital asset funds.  

About CapBridge
CapBridge, a member of FOMO Group, is a leading digital investment platform headquartered in Singapore. As a Capital Markets Services licensee, CapBridge is regulated by the Monetary Authority of Singapore (MAS) to deal in capital markets products, including securities and collective investment schemes, and to provide custodial services. It is also an exempt financial adviser licensed to issue or promulgate analyses and reports on investment products.

CapBridge enables HNWIs and institutional clients to invest in traditional and digital assets via its one-stop digital investment platform, providing highly curated, top-quality, and institutional-grade opportunities to meet clients’ diverse asset allocation needs. Through CapBridge’s associated company, FOMO Pay Pte Ltd, a regulated MAS Payment Services Act (PSA) Digital Payment Token (DPT) entity, qualified clients can also invest into CapBridge curated products using DPTs, providing a seamless bridge between Traditional Finance (TradFi) and Web3 Finance.

For more information, please visit www.capbridge.sg. For media inquiries, please contact media@capbridge.sg

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